One of Penticton’s larger apartment buildings was sold recently to an Ontario company.
Arran House, a 77-unit building built on 1.94 acres of land at 2902 South Main St., sold for $12 million to Skyline Apartment REIT, which is part of the Skyline Group of Companies based out of Guelph, Ont.
“This is their first building in Penticton, but they’re a huge company,” Avison Young Commercial Real Estate broker Chris Wieser said Wednesday from Vancouver. “They own apartment buildings coast to coast.”
Skyline purchased two properties in Kelowna last year and also has some in Vernon and in West Kelowna.
“They’re long-term holders. They’ll improve the building,” Wieser said. “It was very well maintained. It’s got two elevators. It’s on a big piece of land. The owner took really good care of it.”
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