November 8, 2019
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the pending acquisition of three high-rise multi-residential properties in Edmonton, Alberta. The portfolio has a total of 832 rental apartment units and 38,702 sqft of commercial space across three properties. This new acquisition will increase Centurion’s current Edmonton portfolio to 1,278 rental units. The anticipated closing date for this transaction is in January 15, 2020.
The first property is located just north of Central Edmonton’s most visible intersection (109th Street and Jasper Avenue). The 17-storey Grand Central Manor II and III offer 306 suites with a mix of one and two bedrooms plus penthouse units. All suites feature spacious balconies with unobstructed city views, as well as six full-size appliances including dishwasher, over-the-range microwave, and in-suite washer/dryer.
The second property is located on Jasper Avenue, giving residents direct access to Central Edmonton’s vibrant main street that has an abundance of restaurants, retail stores, and medical facilities. The 18-storey Oliver Place is a mixed-use building with 234 residential units, a four-storey parkade, and a 37,788-square-foot commercial space on the main floor. The property also has a fitness centre, a social room, and an outdoor pool and a resident lounge. The suites feature modern living space with floor-to-ceiling windows, individual thermostats, spacious balconies, in-suite storage, and full-size appliances including dishwasher.
The third property is situated just east of Downtown Edmonton with direct access to the Brewery, as well as ICE, Financial, and Government Districts. Riverside Towers is a 292-unit, twin apartment buildings with a 914-square-foot commercial space on the main floor and a common recreational area connecting the two 21-storey towers. The property offers a variety of suite types ranging from studio to three-bedroom and penthouse suites. All suites overlook the North Saskatchewan River Valley and feature individual thermostats, dishwashers, in-suite storage, and laundry facilites on every floor.
"Centurion is thrilled about these new acquisitions in Central Edmonton,” says Greg Romundt, Centurion President and CEO. "The portfolio will substantially expand our market share in Edmonton’s growing rental market and enable us to establish a strong regional management platform for better operational and leasing efficiencies as we evaluate several other attractive acquisition opportunities in Edmonton.” (map)
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