Skyline Apartment REIT Acquires New Leamington, ON Property

On Friday, April 26^th, 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.