Skyline Apartment REIT Purchases Third Property in Vernon, BC
July 16, 2020 - Press Release
On July 16th, 2020, Skyline Apartment REIT announced the acquisition of a property in the city of Vernon, BC (north of Kelowna).
Creekview Heights is located at 1693, 1695, 1697 & 1699 Deleenheer Road in Vernon. The total purchase price for the property was $57M.
The property comprises 216 residential suites and has a mix of one and two-bedroom units. With this purchase, Skyline Apartment REIT now owns three apartment properties in the city of Vernon.
Creekview Heights consists of modern luxury one and two-bedroom suites. The three-building complex is located in a residential neighbourhood northeast of downtown Vernon and is close to shopping centres, a hospital, grocery stores, banks, pharmacies, and Highway 97 connecting Vernon to Kamloops (northwest) and Kelowna (south).
Creekview Heights will be managed by Skyline Living. The property offers an on-site amenity building with a fitness centre and lounge. Each suite features in-suite laundry, stainless steel appliances, modern lighting and finishes, and a private balcony.
“We’re excited to be expanding our holdings in beautiful Vernon where we are now providing homes to more than 300 residents,” said Matthew Organ, President of Skyline Apartment REIT.
“We were welcomed to Vernon in March 2019 with the acquisition of Rockwood Landing (60 suites), and then Summitview Heights (43 suites) in December 2019. With the purchase of Creekview Heights, we’re proud to now be offering three distinct living spaces in the city, each offering luxury suite design and convenience with all amenities nearby.”
Rental inquiries for Creekview Heights can be made at CreekviewHeights.ca.
Post-acquisition, Skyline Apartment REIT comprises 214 properties in 58 communities in eight provinces across Canada, with a total of 19,077 suites.
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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