Guelph, ON (June 30th, 2011) - Skyline Apartment REIT of Guelph, Ontario, announced today the recent and milestone purchase of an $8.3 million apartment complex called Place Sainte Marie in Temiskaming Shores (Haileybury), Ontario.
As the second purchase in northern Ontario in just over four months, Skyline continues to expand its current holdings in a region that is experiencing strong economic growth and a high demand for rental accommodations. The new complex is located at 367 Sutherland Way and is comprised of one mid-rise, 48-suite building with just over 7,000 square feet of commercial space on the main floor.
Skyline took on this unique construction and restoration project and transformed an 80 year old convent into a fully functional assisted living apartment building that now caters to the needs of the area’s senior population. Skyline was able to make an adaptive reuse of the building while retaining the unique heritage of the site. Skyline combined innovation and high-efficiency “green” mechanical systems to revitalize and breathe new life into this treasured local landmark. Skyline also partnered with the local assisted living services provider, Temiskaming Home Support, who rents space in the building in order to provide the necessary care and health services for the residents of Place Sainte Marie.
“By bringing the home support provider into the building we have ensured that our residents will live happier, healthier and independently for many years to come”, says Roy Jason Ashdown, Co-Founder and Chief Operating Officer for Skyline. In fact, Skyline hopes to replicate this integrated model of home support and apartment living in other Skyline buildings across Ontario in order to accommodate the growing needs of our aging population.
Skyline’s incredible work on this property has garnered much recognition and even earned an industry award for “Rental Development of the Year” by the Federation of Rental Housing Providers of Ontario (FRPO).
Having just celebrated the 5th anniversary of Skyline Apartment REIT earlier this month, this 100th property is an incredible milestone for the REIT and its investors. This new addition also puts the portfolio at over $600 million in market value with over 7,000 multi-residential units and now brings the REIT into 37 communities across the province of Ontario.
After a strong year in 2010 that saw the REIT grow by nearly 20% through the addition of 10 new properties made up of 1,027 residential units and the expansion into four new Ontario communities, Skyline Apartment REIT is confident that this year will continue to demonstrate significant growth and stability through strong and accretive acquisitions.
Based in Guelph, Ontario, Skyline Apartment REIT is a private real estate investment trust focused on acquiring and managing apartment buildings and commercial space in diverse communities across Canada. Driven by a desire to be the very best at pursuing steady, calculated, real estate growth grounded in fundamentally sound properties, Skyline takes pride in its ability to continually identify accretive real estate investment opportunities to complement its growing REIT portfolio. Post-acquisition, Skyline Apartment REIT owns and manages 7,030 residential suites across Ontario and 792,722 square feet of commercial space across Canada.
Skyline is committed to providing tenants with a clean and comfortable living or work environment while consistently optimizing unitholder returns.