Ontario-based Skyline Apartment REIT -- part of Skyline Group of Companies -- has completed construction on two development projects on Vancouver Island, bringing a total of 230 much-welcome rental units to the region.
The company announced last week that they celebrated the grand opening of the two projects in late-September. The first is the Uplands Terrace Apartments on 6117 Uplands Drive in Nanaimo, and the second is the two-building Merewood Apartments at 411 and 423 Despard Avenue in Parksville.
Skyline points out that the vacancy rate of rental housing in Nanaimo and Parksville are at 1.0% and 1.7%, respectively, and that their two new projects would contribute towards alleviating that tight market.
At the grand opening ceremony in Parksville, Mayor Doug O’Brien said that there is "a clear need for new rental housing in most communities around Vancouver Island, Parksville included."
Nanaimo Mayor Leonard Krog echoed the sentiment, saying that "building new, purpose-built rental homes is crucial for Nanaimo, and this project adds significantly to our local housing supply."
The Uplands Terrace Apartments in Nanaimo is located within the Dover Community Association neighbourhood, about midway between the McGirr Athletic Fields and the Costco. The building is five storeys, with one-bedroom and two-bedroom units, and is geared towards seniors.
All units have an in-suite laundry, stainless steel appliances, and residents also have access to a shared amenity space called The Hub, an indoor and outdoor lounge space.
Uplands Terrace Apartments. (Skyline Apartment REIT / Denciti Development Corp)
The Merewood Apartments in Parksville are located at the intersection of Despard Avenue and Moilliet Street, across the street from the Trillium Lodge nursing home. Both buildings are four-storeys, with studio units, one-bedroom units, and two-bedroom units, with additional den options as well.
The suites also feature in-suite laundries and stainless steel appliances, as well as a shared lounge space. In addition, the Merewood Apartments is also equipped with an on-site gym facility.
Merewood Apartments. (Skyline Apartment REIT / District Group)
"Canada continues to face a challenging housing crisis, and as rental housing providers, we at Skyline believe that we have a responsibility to take action," said R. Jason Ashdown, Co-Founder & Chief Sustainability Officer of Skyline Group of Companies. "New, purpose-built rental stock is a key component to addressing this crisis and developments like Uplands Terrace Apartments and Merewood Apartments help to fulfill this need."
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A separate division of the Skyline Group of Companies, Skyline Energy, manages a Skyline Clean Energy Fund, which invests specifically in renewable and clean energy production, and both the Uplands Terrace and Merewood Apartments were built with sustainability in mind, Skyline says, as they are equipped with EV charging stations, community greenspaces, energy-efficient appliances, and individual climate control systems.
Outside of Vancouver Island and British Columbia, Skyline also owns and operates apartment complexes in Alberta, Manitoba, Quebec, New Brunswick, and Nova Scotia, but a majority of their properties are in Ontario.
