Primecorp Completes Largest Multi-Family Sale in Oshawa's Recent History for $39,345,000
OTTAWA, Aug. 10, 2012 /CNW/ - Primecorp Commercial Realty Inc., acting as Exclusive Advisor, announced today the successful sale of 316 residential suites in Oshawa, Ontario for Skyline Apartment Real Estate Investment Trust.
The sale was comprised of 5 quality multi-residential properties consisting of one 9-storey building, one 6-storey building, two 5-storey buildings, one 4-storey building and one 3 ½-storey building and featured 316 rental suites all strategically located within Oshawa, Ontario.
The Vendor is Skyline Apartment Real Estate Investment Trust. The Skyline Group of companies is a real estate investment, development and property management group based in Guelph, Ontario. Skyline Apartment REIT (part of the Skyline Group of Companies) is currently made up of 105 properties in 40 communities across four Canadian provinces with a portfolio valued at approximately $690-million. The Skyline Group prides itself on its continuous ability to achieve its objective of owning and managing viable, reputable and accretive commercial and multi-residential real estate. "This successful transaction is truly the result of a great business partnership and working synergy with both Conundrum and Primecorp. We are very excited about this transaction as it will benefit all parties involved, especially our Skyline Apartment REIT investors", said Jason Castellan, CEO & Co-Founder of the Skyline Group of Companies.
The Purchaser is Conundrum Residential Property Income Fund III. The Conundrum Group, based in Toronto, Ontario, is a private equity fund management firm focused on delivering innovative quality Canadian real estate investments, meeting the needs of major pension funds and institutional investors, utilizing over 80 years of combined professional experience aggregating, managing and divesting commercial and residential properties.
Advisor on the Sale, Aik Aliferis, Principal and Co-founder of Primecorp Commercial Realty, says, "We are proud to be a key conduit in the Canadian Multi-Family sector, using our years of experience to expedite complex transactions and fulfill the needs and wants of all our clients. Representing Skyline in this sale has been a true compliment to the abilities of the Primecorp brand, and selling quality real estate to and for market leaders such as Skyline and Conundrum is a real pleasure."
The transaction was lead by Primecorp's Multi-Residential Group: Principals, Aik Aliferis and Sam Firestone, along with Partners, Nick Pantieras and Steve Lerner. With a strategic focus on Commercial Real Estate Investment Brokerage and Management, Primecorp has completed Real Estate transactions in excess of C$4 billion dollars in over 47 Canadian markets since its inception in 1998. Clients have included Private and Institutional Investors, Public Corporations, REITS and International Investment Groups.
SOURCE: PRIMECORP COMMERCIAL REALTY INC.For further information:
Aik Aliferis / Principal
Sam Firestone / Principal