Earlier this week, real estate asset management firm Q Management LP announced that it has finalized an acquisition deal with Skyline Apartment REIT for 12 buildings in St. Catharines, Ontario.
“The St. Catharines portfolio aligns with our strategy which we have been deploying for several years now of assembling portfolios of high-rise multi-family residential properties in large Ontario urban centres that are positioned to enjoy further growth,” Q president and CEO Dan Argiros said.
“St. Catharines is a significant market with strong long-term potential and therefore a perfect fit for our Fund.”
The purchase of 1,157 suites was valued at $213.5 million. Q’s managed assets now total 81 high-rise residential buildings across Ontario, including in Ottawa, London, Hamilton, and the Greater Toronto Area.
A recent Canadian Real Estate Association report on August 2018 transactions stated that Southern Ontario exhibited some of the strongest home sales performances nationwide.
Markets in this region posted the highest sales-to-new-listings ratios across Canada, with London showing a nationwide-high 77.1 ratio. Windsor and Ottawa followed suit, at 76.5 and 68.4, respectively.
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