Guelph's Balnar Management Ltd. is selling off a large part of its property management portfolio, including seven apartment complexes in Guelph.
Michael Balnar told GuelphToday that four office buildings are also part of the move, which will see the company offer 85 per cent of its portfolio for sale.
"The timing is right for our shareholder and partnership groups considering the fact that many have been investors for decades," Balnar said.
Balnar Management Ltd. is an asset and property management company that manages for various companies and partnerships who own income property in Guelph, Kitchener-Waterloo and Cambridge.
He added that the move will affect approximately 80 employees.
"It is our hope that most will be re-employed by a new operator(s), especially since we believe that we have the best staff in the business," he said.
A posting on the company web site said that the sale is expected to close this winter.
"Balnar has a responsibility to its investors to achieve maximum value for the properties and the timing of this suits the investors needs at this time since many have been with the company since its early days," that post said.
"Although this decision is best for the shareholders, partners and company, there is no question that it has been an incredibly difficult decision. We know that it affects things like legacy, the communities and properties that we serve, and our staff, whom we have so much respect and appreciation for."
Balnar Management Ltd will continue in the future, but as a smaller entity.
