Skyline Apartment REIT made its first acquisition of 2013 on Wednesday, February 6th. The buildings, located at 122 & 142 Allard Street in Sault Ste. Marie, ON, had a $985,000 purchase price.
The two 11-unit buildings make up a low-rise apartment complex located in central Sault Ste. Marie, and are in close proximity to schools, shopping, public transportation and all basic amenities. The two buildings were purchased in order to complete a complex that includes 130 Allard Street, a property already owned by Skyline Apartment REIT. The Ruscio Villa complex comprises 67 units in total – all owned by the REIT.
Skyline Apartment REIT owns and manages five properties in Sault Ste. Marie, which will allow for great efficiencies for management and other economies of scale in the area.
Post-acquisition, Skyline Apartment REIT currently comprises 113 properties spread out across 42 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 $821 million.