On December 15, 2021, Skyline Apartment REIT sold three properties in British Columbia:
- 1979 Pandosy Street, Kelowna, BC
- 1950, 1955 & 1960 Pacific Court, Kelowna, BC
- 2902 South Main Street, Penticton, BC
Together, the three properties total 212 units.
The total sale price for the properties was $44.75M.
“1979 Pandosy Street and 1950, 1955 & 1960 Pacific Court in Kelowna, as well as 2902 South Main Street in Penticton, were each identified in 2021 as appropriate for a strategic disposition,” said Matthew Organ, President, Skyline Apartment REIT.
With this disposition, Skyline Apartment REIT will be leaving the cities of Kelowna and Penticton. The REIT continues to own properties in West Kelowna, Lake Country, and Vernon, BC.
“We thank Kelowna and Penticton for having welcomed the Apartment REIT and allowing us to do great business in the community. We will continue to evaluate the Skyline Apartment REIT portfolio and identify any non-core assets, where we believe strategic dispositions can surface further value for our investors.”
Funds surfaced from the properties’ sale will be used toward accretive property acquisitions with a goal to maximize value for Skyline Apartment REIT unitholders.
Post-disposition, Skyline Apartment REIT comprises 238 properties in 59 communities in seven provinces across Canada, with a total of 21,323 suites.