Skyline Apartment REIT has recently sold two residential properties from its portfolio.
On Wednesday, February 19th, 2014, Skyline Apartment REIT completed the sale of 1450-1500 Beckworth Avenue in London, ON for a price of approximately $4.7M (approximately $58,000 per door). The property had approximately 5,000 square feet of commercial space.
On Friday, February 21st, 2014, the Apartment REIT completed the sale of 305 Norfolk Street South, in Simcoe, ON, for a price of approximately $1.635 M (approximately $71,100 per door).
Before this month, Skyline Apartment REIT’s last disposition was made in late July 2013, with the sale of 120 Dundas Street East in Mississauga, ON.
Post-sales, the Skyline Apartment REIT portfolio now comprises 125 properties in 43 communities, with 10,103 units and approximately 719,000 square feet of commercial space.
“Skyline’s Asset Management Team is pleased with the results of the sales completed so far this year in the Apartment REIT,” says Mike Bonneveld, Director of Acquisitions, Skyline Asset Management Inc.
“In all cases, the assets were not deemed core components of the REIT portfolio, and we were able to extract profit from the assets upon sale, in addition to the income earned from the assets during the relative ownership periods. Skyline Asset Management Inc. will continue to explore sales in all REITs where it is advantageous to do so. We believe that pruning assets in the portfolios is equally as important as growth, in order to provide our investors with maximum value.”