- What Skyline Apartment REIT has sold a three-property apartment portfolio in Cornwall, Ont., for $63.5m
- Why A Montréal-based private investor acquired the portfolio off market
- What next Skyline has now exited the Cornwall market
Skyline Apartment REIT has sold a three-property apartment portfolio in Cornwall, Ont., for $63.5m to a Montréal-based private investor, Green Street News can reveal.
The deal, which closed on June 19, comprised the two-building Glengarry Boulevard Apartments at 625 and 645 Glengarry Boulevard, the three-building Laflin Avenue Apartments at 746, 750 and 754 Laflin Avenue, and Marlborough Street Apartments at 805 Marlborough Street North. The properties collectively hold 308 residential units.
The sale, valued at $206,000/unit, took place off market and marks Skyline’s exit from Cornwall. Marcus & Millichap’s IPA division handled the deal.
The buyer, operating under the name Les Immeubles Cornwall, obtained financing from Computershare Trust Co. of Canada.
The apartments are all midrise buildings roughly 50 years old. Glengarry contains two- and three-bedroom units, while Laflin and Marlborough have studio to two-bedroom units. All are within 5 km of the Cornwall Via Rail station.
