Centurion Apartment REIT has Closed the Acquisition of a New Multi-Residential Apartment Property in Regina, Saskatchewan

January 17, 2020

Centurion Apartment REIT has Closed the Acquisition of a New Multi-Residential...

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 newly constructed multi-residential property in Regina, Saskatchewan. This new acquisition has increased Centurion's portfolio to five properties and 571 rental units in Regina.

Completed in May 2019, the property is located at 5000 Green Jewel Blvd in the Greens on Gardiner neighbourhood in southeast Regina. The Apex at Acre 21 is a brand-new development comprising three buildings with a total of 176 suites. The community offers a mix of one and two-bedroom suites with dens and features a large living space with condo-style finishes including luxury vinyl flooring, granite countertops, stainless-steel appliances, double kitchen sinks, full-size washers and dryers, private balconies, ensuite bathrooms, and walk-in closets.

The property has 233 surface parking stalls and a 2,400-square-foot Resident Clubhouse that houses a fitness centre, games room, and social lounge. The apartment community is surrounded by parks and essential amenities such as retail stores, supermarkets, restaurants, and entertainment outlets.

"This new acquisition is a result of Centurion’s long-standing partnership with a reputable developer in Western Canada,” says Greg Romundt, Centurion President and CEO. "Our experience in Regina has been very positive. The Apex will not only increase our exposure in Regina’s growing rental market, but will also help achieve economies of scale, with four other properties located merely 20 minutes away. The property is well-positioned to serve the vibrant community of The Greens on Gardiner neighbourhood.” (map)

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