On July 26, 2021, Skyline Apartment REIT purchased a property in the city of North Bay, ON.
The Heritage Arms is located at 2515 Trout Lake Road in North Bay and consists of one building with a mix of one and two-bedroom suites, with a total of 67 suites. The property also has 1,800 square feet of commercial space located on the ground floor.
The total purchase price for The Heritage Arms was $9M.
“Skyline Apartment REIT is proud to offer additional living spaces to North Bay residents with the purchase of The Heritage Arms,” said Matthew Organ, President, Skyline Apartment REIT.
“Our first entry into the North Bay market was in December 2011 with the purchase of Bay Court at 105 Giroux Street & 2690 Trout Lake Road. We received a great welcome to the city, and we’re thrilled to be expanding our presence here while providing high-quality rental suites with sought-after features and amenities.”
The Heritage Arms is located close to many amenities including grocery, restaurants, schools, parks, transit, and waterfront, with easy access to downtown North Bay and Hwy 17 (Trans-Canada Highway). It is also adjacent to Gloria Gardens at 2475 Trout Lake Road, purchased by Skyline Apartment REIT in November 2020.
The building offers bright, spacious suites with large windows, balconies for each suite, and on-site laundry facilities.
The Heritage Arms is Skyline Apartment REIT’s fourth purchase in the city of North Bay.
Skyline Apartment REIT now comprises 235 properties in 61 communities in eight provinces across Canada, with a total of 20,454 suites.