Skyline Incorporated of Guelph, Ontario announced April 4, 2007 the close of a $11.7 million portfolio acquisition in Kingston, Ontario adding to its existing multi-residential and commercial real estate portfolio. This acquisition brings the Skyline Apartment REIT’s current market value to $145.624 million.
The Kingston acquisition is the first in the city for Skyline and encompasses 267 residential suites.
The building is located at 87, 93 and 107 Compton Street in Kingston. The acquisition expands Skyline Apartment REIT’s eastern portfolio, which immediately provides the management with opportunities to leverage upon existing economies of scale. This property is the sixteenth property purchased by Skyline since amalgamating its holdings into a private Real Estate Investment Trust (“REIT”) on June 1, 2006.
Jason Castellan, CEO of Skyline Incorporated highlighted that “this building creates a strong first time presence in Kingston and we are excited to further develop the value of this property. This acquisition further helps to create synergy and operational efficiencies in our expanding Eastern portfolio.”
Skyline Incorporated was formally incorporated in 1999 by its three partners, Jason Castellan, Martin Castellan, and (Roy) Jason Ashdown. Skyline Incorporated, as asset manager for Skyline Apartment REIT, is focused on building an accretive $500 million real estate portfolio (Vision 2010). The Skyline Apartment REIT currently holds 2,524 residential suites and 211,153 square feet of commercial space. Moving towards this vision, Skyline Incorporated takes pride in its ability to continually identify accretive real estate investment opportunities to complement its growing REIT portfolio.