Skyline celebrates grand opening of two Apartment REIT properties in BC
December 15, 2022 - Press Release
[Guelph, Ontario – September 22, 2022]
Construction has been completed for three mid-rise apartment buildings on Vancouver Island, bringing 230 new rental suites to the cities of Nanaimo and Parksville.
On September 22, project partners and building residents, alongside city representatives, celebrated the grand openings of Uplands Terrace Apartments at 6117 Uplands Drive, Nanaimo and Merewood Apartments at 411 & 423 Despard Avenue, Parksville. Both properties are owned by Skyline Apartment REIT, which is part of Skyline Group of Companies, a Guelph, Ontario-based asset acquisitions, management, development, and investment firm.
Rental housing is in short supply in both Nanaimo and Parksville, with vacancy rates of 1% and 1.7%, respectively. Both cities are among the fastest growing metropolitan areas in Canada. Uplands Terrace Apartments and Merewood Apartments have brought much-needed new rental housing stock to their respective communities.
“Building new, purpose-built rental homes is crucial for Nanaimo, and this project adds significantly to our local housing supply,” said Nanaimo Mayor Leonard Krog. “This new development is exciting for us as it will give more families a wonderful place to call home in our city.”
Parksville Mayor Doug O’Brien commented similarly, stating that there is “a clear need for new rental housing in most communities around Vancouver Island, Parksville included. This new development is a welcome addition to our community and will provide more Parksville residents with housing options.”
“Canada continues to face a challenging housing crisis, and as rental housing providers, we at Skyline believe that we have a responsibility to take action,” said R. Jason Ashdown, Co-Founder & Chief Sustainability Officer, Skyline Group of Companies.
“New, purpose-built rental stock is a key component to addressing this crisis and developments like Uplands Terrace Apartments and Merewood Apartments help to fulfill this need.” Both properties will be managed by Skyline Living, which also manages North Point Apartments located at 6971, 6973 & 6975 Island Highway North in Nanaimo.
“We are thrilled to be expanding our presence in Nanaimo and entering the city of Parksville, where the demand for quality rental housing is substantial,” said BJ Santavy, Vice President, Skyline Living.
“With the grand openings of Uplands Terrace and Merewood Apartments, we will be able to offer homes to more than 200 families on Vancouver Island.”
Built with sustainability in mind, Uplands Terrace and Merewood Apartments both include several environmental features, including on-site EV chargers and community greenspaces. Each suite features high-efficiency appliances and individual climate control.
At the grand openings, Skyline Living, Skyline Apartment REIT, and development partners Denciti Development Corp. and District Group, announced a total of $31,000 in donations to two local non-profit organizations, Island Crisis Care Society and The Haven Society.
About Skyline Group of Companies
Skyline Group of Companies (“Skyline”) is a fully integrated asset acquisition, management, development, and investment entity. It is comprised of companies that provide services in real estate management and development, as well as clean energy management and development. Skyline currently manages more than $7 billion across its real estate and clean energy platforms. With more than 1,000 employees across Canada, Skyline works to provide safe, clean, and comfortable places for tenants to call home, great places to do business, sustainable solutions for a greener future, and an engaging experience for its investors.
View Skyline’s 20th Anniversary celebration video to see how Skyline is grounded in real estate, powered by people, and growing for the future. For more information about Skyline Group of Companies, please visit SkylineGroupOfCompanies.ca.
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. 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 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.
About Skyline Living
As one of Canada’s most prominent apartment rental providers, Skyline Living exists to provide safe, clean, and comfortable places for its residents to call home. Providing homes in dozens of communities across Canada, Skyline Living is an industry leader in customer service, environmental stewardship, and community giving. It works to create and maintain thriving, vibrant communities for its residents, employees, and the neighbourhoods in which they live and work.
For media inquiries, please contact:Jeff Stirling
Vice President, Corporate Marketing & Communications
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8
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