SKYLINE APARTMENT REIT SELLS $173M MULTI-RESIDENTIAL PORTFOLIO IN HAMILTON, ON
Skyline Group of Companies is pleased to announce the sale of $173M in multi-residential real estate assets from the Skyline Apartment REIT to Toronto-based Q Management LP. The sale consisted of 9 properties which comprised 11 buildings (total of 1,036 apartment units) located primarily in the city of Hamilton, ON. Skyline Apartment REIT had acquired the properties between 2009 and 2015, and has owned and managed them since. The disposition of these assets was completed on Wednesday, September 6th, 2017.
A win-win transaction for both vendor and purchaser, the sale will allow Q Management LP to establish itself in the city of Hamilton and capitalize on new opportunities in the market, while Skyline Apartment REIT will re-deploy the capital from the sale 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 and TD, 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.”
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 billion in real estate assets under management across its three private REITs: Skyline Commercial REIT, Skyline Retail REIT and Skyline Apartment REIT. Collectively, these three REITs also own and manage nearly 7.5 million square feet of commercial space.
About the Skyline Group of Companies
The Skyline Group of Companies is one of Canada’s fastest-growing investment management companies: grounded in real estate, powered by people, and growing for the future. Based in Guelph, Ontario, the Skyline Group of Companies comprises several service companies, which exist to service three private REIT portfolios managed entirely by Skyline: Skyline Apartment REIT, Skyline Commercial REIT and Skyline Retail REIT. Skyline also offers additional investment products for its investors through Skyline Wealth Management Inc. The Skyline Group of Companies currently manages $3 billion in multi-residential, commercial and retail real estate combined, and has more than 750 employees across the country. The Skyline Group of Companies’ objective is to provide meaningful value and an exceptional experience for its customers, its people, and its communities.
To learn about investment opportunities with Skyline, please contact Skyline Wealth Management’s Investor Relations Office directly at 1.888.977.REIT(7348) or via email at firstname.lastname@example.org.
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