On Thursday, April 11th, Skyline Apartment REIT made its fourth acquisition of 2013. The property, which is located at 255 & 265 Willson Road in Welland, Ontario, had a purchase price of $6.6 million. The 112 unit property is located near both Maple Park and the Steve Bauer Hiking & Cycling Trail- beautiful city landmarks and attractions.
This is Skyline Apartment REIT’s first property in the City of Welland.
“We are very happy to close our first acquisition in Welland," says Mike Bonneveld, Director of Acquisitions for Skyline Asset Management Inc. "This two building property, which is currently very well occupied, will provide our management team the opportunity to do what it does best—add value. The property will undergo significant cosmetic and mechanical upgrades, providing utility cost savings, while at the same time materially improving the property’s top line over time.”
Post-acquisition, Skyline Apartment REIT currently comprises 116 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 $884 million.
Skyline Apartment REIT is also pleased to announce it is now open to new investments. Skyline Apartment REIT’s compounded annualized return since inception is more than 17%, and the REIT’s investors enjoy receiving stable and reliable monthly income that is tax-deferred to the extent possible.