Skyline Apartment REIT Acquires Leamington, ON Property
January 10, 2008 - Press Release
Skyline Incorporated of Guelph, Ontario announced January 10, 2008, the close of a $4.9 million portfolio acquisition in Leamington, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $184.5 million.
The Leamington acquisition is the first in the city for Skyline and encompasses 71 residential suites.
The building is located at 234 Erie Street in Leamington. The acquisition expands Skyline Apartment REIT’s western portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the twenty-seventh 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 remarked that, “This building is in excellent condition and is in a very stable part of Ontario. With a predominantly senior clientele, Skyline will continue to improve upon efficiencies while ensuring our tenants are fully satisfied with their Skyline experience.”
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 3,144 residential suites and 267,070 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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