|10 Riverside Drive, Bobcaygeon, ON|
Skyline Incorporated of Guelph, Ontario announced September 15, 2006 the close of a $5.2 million property acquisition in Bobcaygeon, Ontario, adding to its existing multi-residential and commercial real estate portfolio. This most recent acquisition brings the Skyline Apartment REIT’s current market value to $106.72 million.
The Bobcaygeon, Ontario property consists of 77 residential suites located at 10 Riverside Drive on a 7-acre parcel, just one block north of the Trent-Severn Waterway.
Jason (Roy) Ashdown, COO of Skyline Incorporated summarized this acquisition by saying, “I am very pleased with this purchase. Bobcaygeon is an established community of over 3,000 permanent residents and is considered the ‘Hub of the Kawarthas’. With a strong seniors population, Riverside Drive is an excellent complement to our current portfolio. This property comprised of 77 town-home rental suites purchased for $67,500 per suite shows excellent value. This property was built in 1996 and marks the newest constructed property in the Skyline Apartment REIT. This property currently operates well as a rental property, but offers many opportunities for future development and/or freehold conversion.”
Skyline Incorporated was formally incorporated in 1999 by its three partners, Jason Castellan, Martin Castellan, and (Roy) Jason Ashdown. Skyline Incorporated, as asset manager for Skyline Apartment REIT, is focused on building an accretive $500 million real estate portfolio (Vision 2010). The Skyline Apartment REIT currently holds 1,729 residential suites and 146,000 square feet of commercial space. Moving towards this vision, Skyline Incorporated takes pride in its ability to continually identify accretive real estate investment opportunities to complement its growing REIT portfolio.