Skyline Apartment REIT Acquires New Leamington, ON Property
April 26, 2013 - Press Release
On Friday, April 26th, Skyline Apartment REIT made its fifth acquisition of 2013. The property, which is located at 300 & 304 Sherk Street in Leamington, Ontario, had a purchase price of $7 million. The 86 unit property is located near both Seacliff and Marina parks, both on the city’s waterfront.
“The completion of the Sherk Street acquisition marks Skyline’s third apartment acquisition in the city,” says Mike Bonneveld, Director of Acquisitions, Skyline Asset Management Inc. “We are extremely happy to acquire the Sherk Street property from the current owner who was also the original builder. The property has been exceptionally well maintained, and has operated at essentially 100% occupancy for many years. The property offers exceptional living accommodations, primarily for seniors, including a number of luxurious penthouses on the top floor.”
Post-acquisition, Skyline Apartment REIT currently comprises 117 properties spread out across 44 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 $891 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.
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:
Cindy BeverlyVice President, Marketing & Communications
Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8
519.826.0439 x602
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