On June 3, 2021, Skyline Apartment REIT sold a property at 191 & 193 Hull Road, Strathroy, Ontario. The property is comprised of two three-storey buildings with a total of 40 residential units.
The total sale price for the property was $5.9M.
191 & 193 Hull Road was originally acquired under Skyline Equities XV Inc. in 2005.
Skyline Equities XV Inc. was subsequently rolled into Skyline Equities Limited Partnership in 2006, which was later amalgamated into Skyline Apartment REIT in 2014.
“This year, we identified 191 & 193 Hull Road as appropriate for a strategic sale,” said Matthew Organ, President, Skyline Apartment REIT.
Funds surfaced from the property’s sale will be used toward accretive property acquisitions to assist in maximizing value for Skyline Apartment REIT unitholders.
“We will continue to evaluate the Skyline Apartment REIT portfolio and identify any non-core assets, where strategic dispositions can surface further value for our investors,” said Organ.
Skyline Group of Companies is proud to maintain a presence in the municipality of Strathroy-Caradoc with a 19,734 square foot retail property, owned by Skyline Retail REIT, as well as a rooftop operating solar system, owned by Skyline Clean Energy Fund.
Post-disposition, Skyline Apartment REIT comprises 233 properties in 60 communities in eight provinces across Canada, with a total of 20,387 suites