Centurion Apartment REIT has Closed the Acquisition of its First Multi-Residential Apartment Property in British Columbia
May 31, 2019
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce that it has completed the acquisition of a 50% interest in a 13-storey apartment building in Victoria, British Columbia.
The newly constructed apartment building is located at 1488 Cook Street in the Harris Green neighbourhood, just two minutes away from downtown Victoria. V1488 has 134 suites with a mix of bachelors, one, two, and three-bedroom units, featuring modern finishes, stainless steel appliances, dishwasher, and in-suite washer and dryer. The building has 7,860 sqft of commercial space on the ground level and three levels of underground parking with 156 parking stalls. It is in close proximity to shopping centres, restaurants, grocery stores, and various recreation facilities.
Centurion President and CEO Greg Romundt shares, "This acquisition has cemented Centurion’s footprint in Western Canada. The transaction is a testament of Centurion Apartment REIT's strategic relationship with Centurion REOT in identifying potential acquisitions after having performed due diligence in the build and stabilization process.”
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