Skyline Apartment REIT’s new acquisition completes Ruscio Villa Complex in Sault Ste. Marie, ON
February 6, 2013 - Press Release
February 7, 2013 – Skyline Apartment REIT made its first acquisition of 2013 on Wednesday, February 6th. The buildings, located at 122 & 142 Allard Street in Sault Ste. Marie, ON, had a $985,000 purchase price.
The two 11-unit buildings make up a low-rise apartment complex located in central Sault Ste. Marie, and are in close proximity to schools, shopping, public transportation and all basic amenities. The two buildings were purchased in order to complete a complex that includes 130 Allard Street, a property already owned by Skyline Apartment REIT. The Ruscio Villa complex comprises 67 units in total – all owned by the REIT.
Skyline Apartment REIT owns and manages five properties in Sault Ste. Marie, which will allow for great efficiencies for management and other economies of scale in the area.
Post-acquisition, Skyline Apartment REIT currently comprises 113 properties spread out across 42 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 $821 million.
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 Management”), 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, please visit SkylineApartmentREIT.ca.
To learn more about Skyline Apartment REIT and other alternative investment products offered through Skyline Wealth Management, please visit SkylineWealth.ca.
Skyline Apartment REIT is operated and managed by Skyline Group of Companies.
For media inquiries, please contact:
Bethany CurtisManager, Content Marketing and Communications
Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8
519.826.0439 x231
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