Skyline Apartment REIT Purchases Frontenac Arms; Lasalle I & II properties in Kingston, ON
Posted On April 16, 2020
[Guelph, ON – April 14, 2020]
On April 14th, 2020, Skyline Apartment REIT announced the acquisition of two apartment properties in Kingston, ON: Frontenac Arms, located at 800 Castell Road, and Lasalle I & II, located at 480 & 485 Canatara Court (two buildings). The total purchase price for both properties was $32 million.
Together, the properties comprise 234 suites. With this purchase, Skyline Apartment REIT now owns eight apartment properties in the city of Kingston.
Frontenac Arms is located adjacent to Castell Road Apartments at 810 & 820 Castell Road, which was purchased by Skyline Apartment REIT in 2009. It features bachelor and one-bedroom suites. The property is located in a quiet and friendly neighbourhood with easy access to grocery and city transportation and is in close proximity to Highway 33.
Lasalle I & II features one and two-bedroom suites. It is located in an area with plenty of surrounding green space and is close to shopping centres and a movie theatre. The property includes a tennis court and outdoor pool.
Both properties offer suites with stainless steel appliances, hardwood flooring, and modernized kitchens and bathrooms.
“We’re pleased to be further expanding our presence in the city of Kingston with the purchase of these properties,” said Matthew Organ, President of Skyline Apartment REIT.
“Skyline Apartment REIT has been established in Kingston since 2007. With these new purchases, we are now proudly managing more than 1100 apartment suites for Kingston residents to call home.”
Rental inquiries for Frontenac Arms and Lasalle I & II can be made at skylineliving.ca.
Post-acquisition, Skyline Apartment REIT comprises 212 properties in 58 communities in eight provinces across Canada, with a total of 18,695 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.