Skyline Group of Companies announced it has sold a large portfolio of apartments to Toronto-based Q Management LP for $213.5 million. The portfolio consists of 12 buildings (totaling 1,157 apartment units) located in the city of St. Catharines.
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,” said 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,” Organ continued.
“For nearly 20 years, Skyline has maintained its focus of acquiring properties in secondary and tertiary markets,” added 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.