Skyline Apartment REIT is pleased to announce the acquisition of Portofino Suites– 2 multi-residential buildings 11440 & 11444 Ellerslie Road SW, Edmonton, AB. This $55.8M transaction closed December 18th and is the fund’s fourth acquisition in Edmonton.
Portofino Suites is a new development purchased from Edmonton’s luxury community developer Abbey Lane Homes. The professionally managed buildings feature 240 units consisting of 1 and 2-bedroom suites with a mature tenant base and are within walking distance to many shops, restaurants and transit stops.
“Portofino Suites is an excellent addition to the fund’s portfolio,” comments Matthew Organ, President of Skyline Apartment. “Our strategy is to secure properties that have the potential to grow and support vibrant communities. We feel that with the amenities and community surrounding Portofino Suites, we will be able to fulfil that strategy.”
As part of Skyline Living’s commitment to the community, the Resident Manager of this portfolio will coordinate regular social events and charitable activities to help the residents of the building be active members of the Edmonton community.
Created in 2006, Skyline Apartment REIT is fully-managed and operated by the Skyline Group of Companies, a Guelph, ON-based real estate acquisitions, management, and investment firm.
Post-acquisition, the Skyline Apartment REIT comprises 191 properties in 52 communities across 7 provinces – ON, SK, NB, QC, AB, BC, NS – with 16,808 units and 650,601 square feet of commercial space.