The Primecorp Group of Companies is pleased to announce that its National Multi-Residential Investment Sales Group led by Aik Aliferis and Sam Firestone, has successfully completed the sale of a 23-property, 1,685 unit multi-family portfolio in Windsor, Ontario.
The sale consisted of a mix of high-rise and low-rise apartment buildings and townhouses, featuring 1,685 residential rental units and six commercial units strategically located within Windsor and Tecumseh.
Aik Aliferis, Chief Executive Officer at Primecorp, said, “I am so excited at the opportunity of completing transactions of this magnitude. It is something I’m very proud of! My partners and I have worked tirelessly to build the Primecorp brand. I’m honoured to work with highly respected firms such as Boardwalk and Skyline and contributing to our client needs successfully is a testament to the Primecorp culture!”
The Seller, Boardwalk REIT, is publicly traded and based in Calgary. Boardwalk REIT currently owns and operates more than 220 communities in Alberta, Saskatchewan, Ontario, and Quebec with over 34,000 residential units totaling over 29 million net rentable square feet.
“We have been working with Aik and Sam for many years and they redefine how important relationships really are and set a new standard for putting together win-win deals,” said Sam Kolias, Chairman and Chief Executive Officer, Boardwalk REIT.
The Buyer, Skyline Apartment REIT, established in 2006, is fully-managed and operated by the Skyline Group of Companies. Skyline Group of Companies is a Guelph, Ontario based real estate firm, specializing in acquisitions, management and investment. The Skyline Group currently manages nearly $2 billion in real estate assets within its three private REIT portfolios, with over 250 properties and 5.5 million square feet of commercial space across Canada.
“When Primecorp calls, we answer, because they bring interesting perspectives on the real estate markets,” said Jason Castellan, Co-Founder and Chief Executive Officer, Skyline Group of Companies. We have had a long term relationship with the Primecorp group that has facilitated many great opportunities for us at Skyline and we’re looking forward to many more to come.”
“Working with the Primecorp partners for many years we have had the opportunity to build an excellent relationship,” said Mike Bonneveld, Vice President, Skyline Asset Management Inc. “This relationship has resulted in numerous successful investment opportunities for the Skyline Group of Companies. We appreciate the Primecorp group’s efforts in bringing us such opportunities which have helped the ongoing expansion of our growing group of companies.”
Windsor’s economy is expected to grow two per cent this year, while employment is expected to rise three per cent, thanks in part to the recovering auto industry and the falling loonie, which benefits manufacturers. Having that skilled workforce, the new bridge, sharing a border with the United States, whose economy is starting to gain momentum, makes Windsor ripe for opportunity.
“I believe the market will continue to be strong in the apartment sector for many years to come,” said Sam Firestone, Chief Operating Officer & Managing Partner, Primecorp. “The stability of the Multi-res sector will provide the safe and consistent investment sought after by both domestic and international investors. This Windsor transaction is a perfect example of this type of strong opportunity.”
Nick Pantieras, Chief Financial Officer added, “Demand in the Multi-family asset class is high as investors seek suitable risk adjusted returns. An under-supply of available properties makes it difficult for investors to grow their portfolios. This strategic sale is an example of the complex transactions that we are able to efficiently execute to create long term value for our clients.”
Primecorp is a progressive Commercial Real Estate Investment Brokerage, Management and Advisory Firm specialising in Commercial Investment Sales, Multi-Residential Investment Sales, Retail Leasing, Office Leasing, and Property Management. The Firm has offices in Ottawa, Toronto and Montréal. Primecorp has completed Real Estate transactions in excess of $6.0 billion CAD since inception in over 55 Canadian cities.