- What Skyline Apartment REIT purchased four multifamily buildings in Windsor, Ont.
- Why Starlight sold the properties for $465,000/unit
- What next The buildings are part of a 60-acre redevelopment that is still ongoing
Skyline Apartment REIT has acquired four recently built apartment buildings in Windsor, Ont., for $107.9m, Green Street News can reveal.
Starlight Investments offloaded the buildings, comprising 232 units at 8607, 8649, 8675 and 8699 McHugh Street, after purchasing them between 2022 and 2023 for $85.6m, or $369,000/unit. Skyline’s purchase valued them at $465,000/unit.
The REIT previously announced the May 29 acquisition without pricing information.
The six-storey buildings, collectively dubbed the Rosewater apartments, were completed between 2022 and 2023. They have one- and two-bedroom units with rents starting at $1,910 and $2,340, respectively. The individual buildings are called Sweetbriar, Eden, Rosa and Altissimo.
The properties are part of an ongoing multi-phase project from London, Ont.-based Farhi Holdings Corp. The firm is redeveloping a 60-acre site at McHugh Street and Lauzon Road, formerly home to a General Motors plant, with 101 single-family homes and several midrise residential buildings – including the portfolio Skyline bought.
The site could have over 1,000 units, depending on approvals. Initial plans also called for a hotel and retail space, but the company was reconsidering those components as of 2022, the Windsor Star reported.
The property is on the east side of the city, just over 2km south of the Detroit River. It is 500m from two retail plazas with a Food Basics, Shoppers Drug Mart and restaurants. The Detroit Windsor Tunnel border crossing is 9km away.
The purchase isn’t the first at scale for Skyline in the area. In 2015, the REIT acquired a 23-property multifamily portfolio in Windsor, with one building in neighbouring Tecumseh, for $136.2m, according to Green Street’s Sales Comps Database. Five years later, it bought a 12-storey apartment complex at 101 Langlois Avenue for $10.8m.
Following the Rosewater acquisition, Skyline’s Windsor portfolio comprises 32 properties with 2,288 units. Across Canada, the Guelph,Ont.-based firm has 236 properties with 21,118 units.
