Centurion Apartment REIT Announces the Largest Single Multi-Family Acquisition to Date in Montreal, Quebec
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is proud to announce the completion of the acquisition of two-thirds ownership in an apartment portfolio in Montreal, Quebec and has also officially executed an agreement to acquire the remaining one-third ownership interest in the portfolio, resulting in Centurion’s 100% ownership of the 30 properties. This remaining one-third is slated to close early to mid-year 2022.
The Portfolio comprises 30 newly constructed, multi-family properties totaling 3,678 rental units located throughout the Greater Montreal Area and represents the largest single multi-family acquisition to date in Quebec. (map). The addition of this portfolio increases Centurion’s total units under ownership to 18,745.
Built between 2016 - 2021, the properties offer a mix of studio, one, two, and three-bedroom suites with condo-quality finishes including stainless-steel appliances, large windows, in-suite laundry, and balconies. The buildings also offer numerous onsite amenities including outdoor pools, terraces, fully equipped fitness rooms, lounge areas, and meeting rooms. Coupled with each property’s attractive location, the amenity features have enabled the properties to attract a broad and significant appeal to both the mature and young professional demographic.
Apart from one property that is located close to Downtown Montreal, the remaining 29 properties are strategically split between the North and South shores of Greater Montreal within some of the area’s fastest growing suburban neighbourhoods. The properties are within proximity to schools, entertainment, shopping, and parks. Existing and future public transit developments are also favourably located a short distance from each of the properties, including the new Reseau Express Metropolitan South Shore Rapid Transit Stations which will link downtown Montreal, the Montreal-Trudeau international airport, South Shore, West Island, and North Shore.
“Centurion is excited to announce the closing of the largest multi-family acquisition ever in Quebec. This acquisition supports our vision of developing rental apartments in well-located, rapidly growing suburban communities” says Greg Romundt, Centurion President and CEO. “We will continue to focus on building our portfolio to include a diverse range of well-constructed, multi-family offerings in high growth, proven markets throughout the country.”
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