- What Skyline Apartment REIT has bought the Kortyard in Guelph, Ont.
- Why Starlight Investments offloaded the asset weeks after purchasing another apartment building in the city
- What next Guelph is experiencing strong demand for rentals
Skyline Apartment REIT has purchased an 81-unit apartment building in Guelph, Ont., for $41.1m, Green Street News can reveal.
The Kortyard, at 171 Kortright Road West, is a five-storey purpose-built rental building completed in 2018. The valuation works out to $506,000/unit.
The seller was Starlight Investments, which bought the building in 2018 for $26m, or $321,000/unit. The property has a mix of one- and two-bedroom units with amenities including a rooftop terrace, a gym and a lounge space.
This marks Skyline’s 11th apartment property in Guelph, with the firm’s portfolio in the city now comprising 632 residential suites.
“Skyline got its start in Guelph and while we now operate across Canada, we remain deeply rooted in this city,” said Matthew Organ, president of Skyline Apartment REIT. “We’re thrilled to be expanding our presence here while providing high-quality rental suites with sought-after features and amenities.”
The property is just under 2 km from the University of Guelph and is across the street from a retail plaza with tenants such as Anytime Fitness, Dollarama, Scotiabank and Zehrs.
Guelph is experiencing strong demand for rental apartments, particularly those near the university. The city has had a sub-2% rental vacancy rate for the past several years and for the 2024/2025 school year, roughly 1,300 first-year University of Guelph students were on a residence waitlist.
A number of investors have shown interest in Guelph of late. Shortly before offloading the Kortyard, Starlight closed on a recently built, 139-unit apartment building for $74m. In August, Mattamy Homes purchased a 14-acre development site for $50m. It has been approved for a business park, townhouses and apartment buildings.
Forum Asset Management is in the midst of developing its multi-phase ALMA @ Guelph student housing project on lands owned by the university. Phase 1 added 180 student beds through the conversion of a former Holiday Inn. Phase 2 proposes two seven-storey buildings with 587 beds.
