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Centurion Apartment REIT Announces the Pending Acquisition of a Multi-Residential Portfolio in Gatineau, Québec

November 29, 2022

Centurion Apartment REIT Announces the Pending Acquisition of a Multi-Residential...

Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the pending acquisition of Phase I of a three-phase, multi-residential apartment portfolio called NOX, located in Gatineau, Québec. Centurion recently acquired NOX’s sister and neighbouring development, Le Central, from the same developer, in Q1 2022. The acquisition of NOX will bring Centurion's total Gatineau portfolio to 879 rental units.

The NOX consists of seven mid-rise, multi-residential apartment buildings that are being constructed in three phases. Phase I, located at 350-380 Boulevard de l'Amérique-Française and comprising four buildings with 277 rental units, was just completed in October 2022. Phase II, located at 40-60 Marguerite Maille and comprising two properties with 158 rental units, is anticipated to be completed in January 2023. Phase III, located at 615 Boulevard Du Plateau and consisting of one building with 99 rental units, is anticipated to be completed in April 2023.

Each building is 7-storeys high and offers a variety of suite types including studio, one-bedroom, one-bedroom with a den, one-bedroom with a den plus mezzanine, two-bedroom, and two-bedroom plus mezzanine units. All of which feature a private outdoor terrace, in-suite laundry, five appliances, and window coverings. Amenities include shared rooftop terraces with BBQs, a condo-quality gym, a swimming pool and hot tub, a lounge, and pet wash facilities. The properties also offer ample indoor and outdoor parking options.

“We are thrilled to further expand Centurion’s presence in Gatineau,” commented Centurion President and CEO Greg Romundt. “The Gatineau-Ottawa region is Canada’s fourth largest cosmopolitan area and this development will help fulfill the city’s growing rental needs.”

Located in the Le Plateau region of Gatineau, NOX is centrally located close to public transit and highways, with downtown Ottawa only a 10-minute drive away. Additionally, the development benefits from its strategic location in close proximity to Agora Urban Village Community, a modern urban mixed-use development consisting of an abundance of retail, entertainment, grocer and lifestyle amenities including boutiques, food markets, cafes, pharmacies, health clinics as well as a 26-acre Centre Park. This superior location coupled with the opportunity to build on Centurion’s existing Gatineau footprint will enable Centurion to achieve immediate scale opportunities in a market benefitting from both extremely high rental demand and little supply of purpose-built rentals.

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