Skyline Apartment REIT Sells $213.5 Million Multi-Residential Portfolio in St. Catharines, ON
Skyline Group of Companies is pleased to announce the sale of $213.5 million in multi-residential real estate assets from the Skyline Apartment REIT to Toronto-based Q Management LP (“Q”). The sale consisted of 12 buildings (totaling 1,157 apartment units) located in the city of St. Catharines, ON. Skyline Apartment REIT acquired the buildings and has owned and managed them since 2007. The disposition of these assets was completed on Friday, September 28th, 2018.
“We believe we have found a very strong partner in Q,” commented Matthew Organ, President of Skyline Apartment Asset Management Inc. “The sale of these 12 buildings in St. Catharines, allows Q to establish itself in the city and provide ceding for its newly opened fund. For Skyline, it allows our Apartment REIT to redeploy the capital from the sale toward other accretive acquisitions and new-build properties in strong secondary and tertiary markets.”
“This transaction marks one of the largest multi-residential deals in the country this year and is the fourth large-scale deal we have partnered with Q on over the last six years,” continued Matthew.
“For nearly 20 years, Skyline has maintained its focus of acquiring properties in secondary and tertiary markets,” stated Jason Castellan, Co-Founder, and CEO of the Skyline Group of Companies. “When we entered the St. Catharines market in 2007, it was considered more of a secondary market and was priced accordingly. Over the last number of years, the market has changed, and it is now generally being recognized as a more primary centre. Partnering with Q on this transaction will allow us to take capital out of this market and redeploy it in other opportunities.”
Skyline Apartment REIT is part of the Skyline Group of Companies, a full-service real estate investment and management company based in Guelph, ON. The Skyline Group has more than $3.5 billion in real estate assets under management across its three private REITs: Skyline Commercial REIT, Skyline Retail REIT, and Skyline Apartment REIT.
This deal between Skyline Apartment REIT and Q would not have come together as smoothly as it did without the efforts of Aik Aliferis from Primecorp.
About the Skyline Group of Companies
The Skyline Group of Companies (“Skyline”) exists to provide meaningful value and an exceptional experience for their tenants, investors, staff, and communities.
Since it’s inception in 1999, Skyline has evolved over the years to now offer five investment products: Skyline Apartment REIT, Skyline Commercial REIT, Skyline Retail REIT, Skyline Clean Energy Fund, Skyline Mortgage Investment Trust. They currently manage approximately $3.5 billion in assets and provide over 2,400 individual investors with exceptional investment opportunities in these privately-held products.
With nearly 1,000 employees from coast-to-coast, Skyline works to provide safe, clean, and friendly places for tenants to call home, great places to do business, and impeccable client care to its investors.
For more information about the Skyline Group of Companies, please visit us at www.skylineonline.ca.
For further information or for interview requests, please contact:
Jeff Stirling, Director of Marketing
Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8