On the heels of two recent milestones for Skyline Apartment REIT this summer; its fifth anniversary and its 100th acquisition, we are thrilled to announce two new additions to the REIT portfolio.
The first is a mid-rise apartment complex located at 47 & 67 Village Drive in Kingston, Ontario. The complex is comprised of 219 residential suites and 4,000 sq. ft. of commercial space. These new buildings are in close proximity to the REIT’s other properties in the city and increase the portfolio’s total holdings in Kingston to 853 residential units and approximately 7,000 sq.ft. of commercial space.
“I am very pleased that we have successfully completed phase two of this impressive Kingston portfolio acquisition. Phase one occurred in 2009 with the purchase of 367 units across three properties that have since performed with remarkable success. We believe that by adding this beautiful two-building mid-rise complex on the shore of the Great Cataraqui River, that substantial synergies will be made here. Kingston has proven to be a very stable community for the REIT and we are excited to add this complex to the portfolio.”
- Jason Castellan, Co-Founder & CEO, Skyline
The second new addition to the REIT is the historic Gummer Building in downtown Guelph, located at 5 Douglas Street. This six storey building, currently under construction, is anticipated to be completed by fall 2012 and will be comprised of 20 executive apartment suites and 43,869 sq. ft. of commercial office/retail space. Through a development agreement with the City of Guelph, Skyline agreed to complete the restoration and redevelopment of the Gummer Building as a mixed-use building, thus allowing for the condominium conversion of the REIT’s 55 Yarmouth Street property. This collaborative deal will ultimately surface substantial value for investors, unlocking capital to purchase new properties and increasing the income stream of the REIT.
"This acquisition has a double benefit for the REIT. Not only are we getting a new state of the art mixed-use building and future head office for the Skyline group of companies, it was also a key component of the condominium conversion of our 55 Yarmouth Street property. These transactions in tandem, are unlocking a tremendous financial benefit for the REIT and its investors.” - Jason Castellan, Co-Founder & CEO, Skyline
Together, these two new acquisitions were purchased for just over $22.3 million, adding significant accretive value to the portfolio. Today, Skyline Apartment REIT is made up of a total of 7,269 residential suites over 796,000 sq. ft. of commercial space, spread out across 37 communities in four provinces. The current total internally appraised value of the REIT is approximately $625 million.