Leading real estate asset management firm Q Management LP announced earlier this week that it has completed a deal with Skyline Apartment REIT to acquire 12 buildings in St. Catharines, Ontario.
The transaction, which involved the purchase of a total of 1,157 suites, was valued at $213.5 million. This brought up the total of Q’s managed assets to 81 high-rise residential buildings across Ontario, including in Ottawa, London, Hamilton, and the Greater Toronto Area.
“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.”
Read more: Buying in these Ontario markets will still leave surplus cash
Southern Ontario has some of the strongest residential sales numbers nationwide, according to a Canadian Real Estate Association report covering August 2018 transactions.
Markets in this region showed 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.