|120 Dundas Street East, Mississauga, ON|
Skyline is pleased to announce the recent purchase of a 12-storey, 155- unit apartment building in Mississauga, Ontario. This $18.4 million multi-residential complex at 120 Dundas Street East is highly accretive to the portfolio and is our first purchase in this city. This new addition to the REIT now brings Skyline Apartment REIT's portfolio stats up to 6,298 residential units and 785,632 square feet of commercial space, in 33 communities, across 4 provinces. The current market value of the REIT is now over $550-million, but not for long. This new acquisition is our third this year: Timmins (91 units), London (146 units) and Mississauga (155 units) and we will also be closing a significant portfolio of Properties within the next few weeks that will add over 600 new residential units to the REIT.
Jason Castellan, Chief Executive Officer and Co-Founder of Skyline commented that, "This property in Mississauga has offered us a great opportunity to capitalize on an accretive acquisition in a new market for Skyline. It is a strong and growing market where there is a significant and highly diverse population to draw from, and many other opportunities for us to grow and benefit from the local economies of scale when the right deal comes along. We are truly excited about this location with its proximity to transit and other key amenities, as it appeals to wide spectrum of current and potential tenants."
Based in Guelph, Ontario, Skyline is the asset manager for Skyline Apartment REIT, 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.
Skyline is committed to providing current and new residents with a clean and comfortable place to live and a best-in-class tenant experience, while optimizing investors’ returns.