Centurion Apartment REIT Announces the Pending Acquisition of Two Newly Constructed Multi-Family Properties in Saint-Jérôme, Québec
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the pending acquisition of two brand new, multi-family apartment buildings located at 250 & 240 rue Castonguay, Saint-Jérôme, Québec, representing the first two phases of a four-phase multi-residential development. The property at 250 Castonguay (Phase 1) was completed in Spring 2021 and is now fully stabilized, and the property at 240 Castonguay (Phase 2) is still under construction and is expected to be completed in June 2022.
“These two properties are located in close proximity to the recently acquired apartment portfolio comprising 30 properties which Centurion closed in February 2022, making the pending acquisition an excellent addition that will benefit from operational efficiencies and economies of scale to be achieved going forward," commented Greg Romundt, Centurion President and CEO.
Together, the properties are comprised of 305 condo-quality apartment units with an attractive suite mix of studios, one-bedroom, and two-bedroom units. The properties were built with high-quality construction standards and designed with condominium-style finishes throughout, including ceramic floors in bathrooms and kitchens, vinyl plank floors, laminate counters, and melamine cabinets. The units offer high ceilings and large balconies along with all five major appliances and in-suite laundry. The buildings are also equipped with air conditioning and individual thermostats in all the main rooms, energy-saving central water-heating systems, intercom systems with cameras for the front door, and secure magnetic FOB access.
In addition, residents will benefit from the close proximity to a number of rental demand drivers, which will create significant appeal to the properties as a long-term rental destination, including being situated less than a 5-minute drive to a nearby Walmart-anchored shopping plaza that features a Home Depot, St Jerome Hospital, and multiple restaurants and cafes and well as being a few hundred meters away from two major highways, Trans-Canada Highway, Highway 117 and the Greater Montreal Region's public transit system’s EXO2 line station.
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