Skyline Apartment REIT Acquires Owen Sound, ON Properties
August 24, 2006 - Press Release
Skyline Incorporated of Guelph, Ontario announced August 24, 2006 the close of an $8.525 million portfolio acquisition in Owen Sound, Ontario, adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $101.52 million.
The Owen Sound, Ontario acquisitions are across five properties encompassing 210 residential suites located centrally within the city.
The buildings are located at 450-28th Street West, 575-28th Street West, 955-10th Street East, 2755-5th Avenue West and 2760-5th Avenue West. The five-building portfolio marks Skyline Apartment REIT’s introduction to the city of Owen Sound, which immediately provides the management with a stable foundation to build economies of scale. The Owen Sound properties include the seventh property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.
Jason Castellan, CEO of Skyline Incorporated remarked that “this five-building acquisition was a tremendous opportunity for us to own real estate that represents value, location and scale. At just over $40,000 per door (acquisition cost) with very low vacancy, there is indication that there is room to grow revenues. The fact that we have 210 units in very close proximity to one another also allows us to exercise economies of scale to further reduce expenses. Owen Sound is a city with many community events and activities, home to Georgian College, and a regional hospital. We are excited about the addition of these acquisitions.”
Skyline Incorporated was formally incorporated in 1999 by its three partners, Jason Castellan, Martin Castellan, and (Roy) Jason Ashdown. Skyline Incorporated, as asset manager for Skyline Apartment REIT, is focused on building an accretive $500 million real estate portfolio (Vision 2010). The Skyline Apartment REIT currently holds 1,655 residential suites and 146,000 square feet of commercial space. Moving towards this vision, Skyline Incorporated takes pride in its ability to continually identify accretive real estate investment opportunities to complement its growing REIT portfolio.
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