Apartment REIT Sells 3 Properties in BC

Skyline Apartment REIT Sells 3 Properties in British Columbia

On February 23, 2022, Skyline Apartment REIT sold a portfolio of three properties in BC:

  • 2699 Peatt Road (The Enclave), Langford, BC
  • 1803 31A Street (Summitview Heights), Vernon, BC
  • 3400 Centennial Street (Rockwood Landing), Vernon, BC

The properties total 184 residential units. The total sale price for the portfolio was $63.7M.

The properties were originally purchased by Skyline Apartment REIT in 2019 & 2020.

“Although Skyline Apartment REIT typically maintains a buy-and-hold strategy, we regularly evaluate our property portfolio and identify any non-core assets, where strategic dispositions can surface further value for our investors,”  said Matthew Organ, President, Skyline Apartment REIT.

“These properties in Langford and Vernon were identified in 2021 as appropriate for a strategic disposition. Funds surfaced from the properties’ sale will be used toward accretive property acquisitions to ensure maximum value for Skyline Apartment REIT unitholders.”

Post-disposition, Skyline Apartment REIT comprises 234 properties in 59 communities in seven provinces across Canada, with a total of 21,139 suites.