November 30, 2012 - Skyline Apartment REIT recently completed the acquisition of a property in Tecumseh, Ontario.
On November 28th, the 50-unit building, located at 11886 Tecumseh Road East, had a total purchase price of $3.3 million. This seniors-oriented building is located directly across the street from the REIT’s other Tecumseh asset. The acquisition adds and strengthens to the REIT’s current Tecumseh holdings, now increased to two properties with a total of 199 units in the city.
Post-acquisition, the Skyline Apartment REIT currently comprises 8,358 residential suites and approximately 700,000 square feet of commercial space in 111 properties, spread out across 42 communities in four provinces. The total internally appraised IFRS value of the Skyline Apartment REIT is approximately $716 million.