Skyline Apartment REIT Acquires Third Cornwall Property – and Moves Into the City of Belleville
February 28, 2013 - Press Release
March 1, 2013 – Skyline Apartment REIT made its second and third acquisitions of 2013 on Thursday, February 28th.
The first property, comprised of two four-storey buildings, is located is at 625 & 645 Glengarry Boulevard in Cornwall, Ontario, and had a purchase price of $13 million. The two buildings make up a mid-rise apartment complex located in the city’s east end, and are in close proximity to schools, shopping, public transportation and all basic amenities. The complex is comprised of 150 suites, and includes two elevators, laundry facilities, an on-site rental office and surface parking in a park-like setting.
The second property is comprised of three mid-rise towers, located at 95, 97 & 99 Sidney Street in Belleville, Ontario, and had a purchase price of $43.4 million. These buildings are also in close proximity to schools, shopping, public transportation and all basic amenities. This spectacular condominium-quality complex is comprised of 333 suites with two elevators in each tower, laundry facilities, an on-site rental office, social rooms, an outdoor pool and surface parking.
This is Skyline Apartment REIT’s first property in the City of Belleville.
“We are thrilled to complete the acquisition of our first property in Belleville and our third in Cornwall,” says Mike Bonneveld, Director of Acquisitions, Skyline Asset Management Inc. “This large transaction not only strengthens our market position in Cornwall, but we gain a new exciting market in Belleville. These properties are both well-occupied and of excellent physical quality, again enhancing the overall apartment portfolio value.”
Post-acquisition, Skyline Apartment REIT currently comprises 115 properties spread out across 43 communities in four provinces, and approximately 700,000 square feet of commercial space. The total IFRS value of Skyline Apartment REIT is approximately $877 million.
Skyline Apartment REIT is pleased to announce it is now open to new investments. Skyline Apartment REIT’s compounded annualized return since inception is more than 17%, and Skyline’s REIT investors enjoy receiving stable and reliable monthly income that is tax-deferred to the extent possible.
To learn more about Skyline Apartment REIT call toll-free at 1.888.977.REIT (7348).
This investment is available to qualified investors only. Contact us to see if you qualify today.
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 exclusive Exempt Market Dealer for the REIT.
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 more about Skyline Apartment REIT and other 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:
Vice President, Corporate Marketing & Communications, Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8
(519) 826-0439(519) 826-0439 x 243
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