Skyline Apartment REIT Completes Sale of Hamilton, ON Properties
On Wednesday, September 6th, 2017, the Skyline Apartment REIT completed a disposition transaction of 9 properties (11 buildings, total of 1,036 apartment units) in Hamilton, ON and Dundas, ON to purchaser Q Management LP. The total price of the sale was $173M. The properties had been acquired between 2009 and 2015, and were owned and managed by Skyline until the time of sale.
We are pleased that this sale is a win-win transaction for both vendor (Skyline) and purchaser. The capital from the sale will be re-deployed by the Skyline Apartment REIT toward other accretive acquisitions and new-build properties in strong secondary and tertiary real estate markets where the Skyline Apartment REIT already has a solid presence.
“This multi-residential transaction was one of the largest in the country this year,” said Matthew Organ, President of Skyline Apartment Asset Management Inc. “Due to the great efforts of both the Skyline Team and the Q Residential Team, along with key partners Primecorp Commercial Realty Inc. and TD Commercial, the process has been seamless.
“This transaction also marks the third large-scale deal Skyline has completed with the purchaser in the past five years. We will continue to look for similar opportunities in order to surface value for our investors.”
“Our plan at Skyline involves entry into secondary and tertiary markets, then acquiring additional properties in those markets to build on the efficiencies of having local scale,” said Jason Castellan, Co-Founder and CEO of the Skyline Group of Companies. “Like other growing cities, Hamilton has changed over the years, and is now being recognized as a more primary centre. The portfolio exemplifies many years of acquisitions and operational improvements, which has led to a stabilized portfolio that will do well for the purchaser.”
Post-disposition, the Skyline Apartment REIT now comprises 181 properties in 47 communities across 6 provinces, with a total of 16,069 apartment units and 661,196 square feet of commercial space.
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