Primecorp Closes $213,500,000 Dollar (CAD) Multi-Family Portfolio in St. Catharines, Ontario
TORONTO, Oct. 2, 2018 /CNW/ - On behalf Primecorp Commercial Realty Inc. we are proud to announce, the successful sale of a major Multi-Family Portfolio, consisting of 1,157 suites in 12 properties in St. Catharines, Ontario and totaling $213.5 million from Skyline to Q Residential brokered by Aik Aliferis our Chief Executive Officer.
Matthew Organ, President of Skyline, "For Skyline, it allows our Apartment REIT to redeploy the capital from the sale toward other accretive acquisitions and new-build properties in strong secondary and tertiary markets", Mike Bonneveld, Vice President of Skyline Asset Management added, "Primecorp was instrumental in the completion of this significant sale to Q Management LP - another very successful transaction for Skyline Apartment REIT working with Aik at Primecorp".
"To give real service, you must add something which cannot be measured only monetarily and that is commitment, sincerity, integrity and market insight. Aik Aliferis brings all these dimensions together to set himself apart and assist us in growing our business through strategic acquisitions like this", said John Lago, President of Q Residential. With these additions, Q Management LP now owns and manages 10,618 suites in 81 buildings in Canada with the majority located in the Greater Toronto Area, Ottawa, Hamilton, London, and St. Catharines.
Jason Castellan, Co-Founder, and CEO of the Skyline Group of Companies says, "When we entered the St. Catharines market in 2007, it was considered more of a secondary market and was priced accordingly. Now Skyline Group has more than $3.5 billion in real estate assets.
"I'm so energized when I get to work with two of Canada's leading Real estate groups like Q Residential and Skyline, more so in assisting to complete one of 2018's largest deals of the year", said Aik Aliferis, CEO of Primecorp Commercial Realty Inc.
"Q Res and Skyline continue to lead the market with their respective platforms; working with market leaders in creating Win-Win results, is what I am most proud of; the professionalism of both organizations is one that exemplifies quality management and Vision, working with Mr. John Lago and Mr. Mike Bonneveld and their respective teams is truly a honour", continued Aik Aliferis.
Aik Aliferis, Nick Pantieras and Sam Firestone have built one of Canada's leading Investment real estate companies, Primecorp is a cutting edge Commercial Real Estate Investment Brokerage and Management and Advisory Firm specialising in Multi-Residential Investment Sales, Commercial Investment Sales, Seniors Housing, Retail Leasing, Office Leasing, and Property Management across Canada. Primecorp has completed Real Estate transactions in excess of $6.0 billion CAD in over 60 Canadian cities since its inception.
SOURCE Primecorp Commercial Realty Inc.
Aik Aliferis, Chief Executive Officer, Primecorp Commercial Realty Inc., Brokerage, 1.888.720.2020 ext. 234
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