Skyline Apartment REIT Acquires Another Owen Sound, ON Property
September 28, 2007 - Press Release
Skyline Incorporated of Guelph, Ontario announced September 28, 2007, the close of a $4.25 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 $161.4 million.
The Owen Sound acquisition is the seventh in the city for Skyline and encompasses 86 residential suites.
The building is located at 995 16th Avenue East in Owen Sound. The acquisition expands Skyline Apartment REIT’s central portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the twentieth property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.
Jason Castellan, Chief Executive Officer of Skyline Incorporated commented that, “This property is ideally located in Owen Sound next to the best shopping amenities and major traffic routes. With some repositioning tactics, we can shift the demographic of this property to outperform its current situation.”
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 2,865 residential suites and 211,153 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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