Skyline Apartment REIT Grows in Edmonton with $55.8M Deal
December 18, 2018 - Press Release
Skyline Apartment REIT is pleased to announce the acquisition of Portofino Suites– 2 multi-residential buildings 11440 & 11444 Ellerslie Road SW, Edmonton, AB. This $55.8M transaction closed December 18th and is the fund’s fourth acquisition in Edmonton.
Portofino Suites is a new development purchased from Edmonton’s luxury community developer Abbey Lane Homes. The professionally managed buildings feature 240 units consisting of 1 and 2-bedroom suites with a mature tenant base and are within walking distance to many shops, restaurants and transit stops.
“Portofino Suites is an excellent addition to the fund’s portfolio,” comments Matthew Organ, President of Skyline Apartment. “Our strategy is to secure properties that have the potential to grow and support vibrant communities. We feel that with the amenities and community surrounding Portofino Suites, we will be able to fulfil that strategy.”
As part of Skyline Living’s commitment to the community, the Resident Manager of this portfolio will coordinate regular social events and charitable activities to help the residents of the building be active members of the Edmonton community.
Created in 2006, Skyline Apartment REIT is fully-managed and operated by the Skyline Group of Companies, a Guelph, ON-based real estate acquisitions, management, and investment firm.
Post-acquisition, the Skyline Apartment REIT comprises 191 properties in 52 communities across 7 provinces – ON, SK, NB, QC, AB, BC, NS – with 16,808 units and 650,601 square feet of commercial space.
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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