Skyline Apartment REIT Acquires New Property; Moves Into City of Welland!
April 11, 2013 - Press Release
On Thursday, April 11th, Skyline Apartment REIT made its fourth acquisition of 2013. The property, which is located at 255 & 265 Willson Road in Welland, Ontario, had a purchase price of $6.6 million. The 112 unit property is located near both Maple Park and the Steve Bauer Hiking & Cycling Trail- beautiful city landmarks and attractions.
This is Skyline Apartment REIT’s first property in the City of Welland.
“We are very happy to close our first acquisition in Welland,” says Mike Bonneveld, Director of Acquisitions for Skyline Asset Management Inc. “This two building property, which is currently very well occupied, will provide our management team the opportunity to do what it does best—add value. The property will undergo significant cosmetic and mechanical upgrades, providing utility cost savings, while at the same time materially improving the property’s top line over time.”
Post-acquisition, Skyline Apartment REIT currently comprises 116 properties spread out across 44 communities in four provinces, and approximately 700,000 square feet of commercial space. The total internally appraised IFRS value of Skyline Apartment REIT is approximately $884 million.
Skyline Apartment REIT is also pleased to announce it is now open to new investments. Skyline Apartment REIT’s compounded annualized return since inception is more than 17%, and the REIT’s investors enjoy receiving stable and reliable monthly income that is tax-deferred to the extent possible.
About Skyline Apartment REIT
Skyline Apartment REIT (the “REIT”) is a privately owned and managed portfolio of primarily multi-residential properties, focused on acquiring both established and newly developed properties in secondary and tertiary communities across Canada.
Skyline Apartment REIT is distributed as an alternative investment product through Skyline Wealth Management Inc. (“Skyline Wealth”), the preferred Exempt Market Dealer for the REIT. It is also available on Fundserv (Code: RBS2400).
Skyline Apartment REIT is committed to providing best in class apartment suites and service to its residential tenants, while surfacing value with a goal to deliver stable returns to its investors.
To learn about additional alternative investment products offered through Skyline Wealth, please visit SkylineWealth.ca.
Skyline Apartment REIT is operated and managed by Skyline Group of Companies.
For media inquiries, please contact:Jeff Stirling
Vice President, Corporate Marketing & Communications, Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8
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