On March 3rd, 2020, Skyline Apartment REIT announced the acquisition of Lake Country Lofts, an apartment property in the district of Lake Country, BC. The total purchase price was $20 million.
The property comprises 71 suites and is Skyline Apartment REIT’s first purchase in the district of Lake Country, which is located between the city of Vernon to the north, and the city of Kelowna to the south.
Lake Country Lofts features spacious one and two-bedroom suites, with an on-site fitness room and underground parking. The property is surrounded by orchards and vineyards, and boasts a beautiful nearby lakeshore. With shopping and grocery amenities nearby, the location is also close to local Highway 97.
“We are pleased to announce that Skyline Apartment REIT has entered the district of Lake Country with the purchase of Lake Country Lofts,” said Matthew Organ, President of Skyline Apartment.
“Skyline Apartment REIT already enjoys a strong presence in the neighbouring cities of Vernon and Kelowna. We are proud to offer Lake Country residents these well-serviced accommodations, close to amenities and surrounded by one of the most beautiful landscapes Canada has to offer.”
Post-acquisition, Skyline Apartment REIT comprises 210 properties in 58 communities in eight provinces across Canada, with a total of 18,407 suites.
About Skyline Apartment REIT
Skyline Apartment REIT is a privately owned and managed portfolio of primarily multi-residential properties, focused on acquiring both established and newly developed properties in secondary and tertiary communities across Canada.
Skyline Apartment REIT is offered as an alternative investment product through Skyline Wealth, the exclusive Exempt Market Dealer (EMD) for the REIT.
Skyline Apartment REIT is committed to providing best in class apartment suites and service to its residential tenants, while surfacing value and delivering stable returns to its investors.
To learn more about Skyline Apartment REIT and other alternative investment products offered through Skyline Wealth, please visit skylinewealth.ca.