[Guelph, ON – December 16, 2019]
On December 16, 2019, the Skyline Apartment REIT, a privately-owned and managed portfolio of multi-residential properties across Canada, announced the acquisition of four properties in the greater Sudbury, ON area, with a total purchase price of $39.1 million.
The four-property portfolio is the Apartment REIT’s first purchase in the Sudbury area, adding a new community to its holdings across Canada, now totaling 57 cities and communities.
The portfolio is comprised of the following properties (with a total of 13 buildings and 258 residential units):
- 145 & 155 Notre Dame Street West, Greater Sudbury (Azilda), ON
- Place Notre Dame, 550 Notre Dame Street West, Greater Sudbury (Azilda), ON
- 560 & 570 Notre Dame Street West, Greater Sudbury (Azilda), ON
- Mapleview Apartments, 700 Cambrian Heights Drive, Greater Sudbury, ON
Among the four properties are amenities rooms and a separate amenities building, a pool, on-site laundry, and a fitness facility.
Residents at these properties have convenient access to nearby schools, sports complexes, parks, and shopping. The properties are also near grocery stores, other amenities, and Sudbury-area highways 35 and 80.
“We are thrilled to be entering the Sudbury area with the purchase of this multi-residential portfolio,” said Matthew Organ, President of Skyline Apartment.
“Although Sudbury is a new community for the Skyline Apartment REIT, there are several well-performing retail properties in the area owned by the Skyline Retail REIT. We’re pleased to be expanding Skyline’s presence in Sudbury by welcoming residents to these four Skyline Living communities.”
Introduced in 2006, the 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 209 properties in 57 communities in eight provinces across Canada, with a total of 18,337 suites.
Press releases are disseminated by Skyline Wealth Management Inc. ("Skyline Wealth") on behalf of the Issuer as at the date of publication and Skyline Wealth does not undertake to advise the reader of any changes. Skyline Wealth has not taken any steps to verify accuracy.