November 22, 2018
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the pending acquisition of three multi-residential properties in Winnipeg, Manitoba and Victoria, British Columbia.
The first property is located at 345-375 Bridge Lake Drive in the Bridgwater Trails neighbourhood in southwest Winnipeg. The Pinnacle at Bridgwater is a brand-new development offering 176 suites with a mix of one and two bedrooms in addition to a 3,200-square-foot clubhouse with fitness facilities and social rooms. The suites feature a large living space with modern finishes, full-size appliances, and in-suite washer and dryer. Centurion will be acquiring a 45% interest.
The second property is located at 701-721 Sterling Lyon Parkway in the Tuxedo neighbourhood in southwest Winnipeg. The Summit at Seasons is a luxury apartment complex consisting of five new buildings with 416 units and a 3,200-square-foot clubhouse with fitness facilities and social rooms. The suites feature a modern living space with luxury vinyl flooring, full-size appliances, and in-suite washer and dryer. Centurion will be acquiring a 50% interest.
The third property is located at 1488 Cook Street in the Harris Green neighbourhood bordering downtown Victoria, British Columbia. V1488 is a 134-unit, newly constructed apartment building with 7,860 sqft of commercial space on the ground level. The suites feature modern finishes, stainless steel appliances, and in-suite washer and dryer. Centurion will be acquiring a 50% interest.
Centurion President and CEO Greg Romundt shares "We are excited about our newest acquisitions and increasing our footprint in central and western Canada. These transactions resulted from 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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