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

July 27, 2023

NOX exterior building, kitchen and pool

Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the acquisition of the second phase (Phase II) of a three-phase, multi-residential apartment portfolio called NOX, located at 40-60 Marguerite Maille in Gatineau, Québec.

The NOX portfolio consists of seven newly constructed, mid-rise, multi-residential apartment buildings, developed in three separate phases. Earlier this year, Centurion acquired Phase I, encompassing four buildings with a total of 277 rental units. Today's announcement marks the addition of Phase II, featuring two buildings comprising of 158 rental units. Phase III, scheduled for completion later this Fall, features one building offering 99 rental units.

NOX 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. The suites boast modern designs, featuring high-quality finishes and abundant natural light. Each unit features a private outdoor terrace, in-suite laundry facilities, and stainless-steel appliances. Residents have access to an array of amenities, including a shared rooftop terrace, gym, swimming pool, hot tub, relaxation lounge, and pet wash facilities. The properties also offer ample indoor and outdoor parking options.

NOX is strategically situated in Gatineau's vibrant Plateau neighborhood, providing an array of leisure and recreational activities. NOX offers convenient access to Agora Urban Village, an urban mixed-use development offering a variety of retail, entertainment, grocery and lifestyle options, including boutiques, food markets, cafes, pharmacies, and health clinics. Additionally, public transit and highways are nearby, providing convenient access to downtown Ottawa in under 10 minutes.

"We are pleased to add Phase II to our growing Québec portfolio and look forward to the final phase set to follow later this Fall. This strategic expansion aims to address the surging demand for rental housing, making a positive impact on the region's real estate landscape, and fostering thriving communities." commented Greg Romundt, Centurion President, and CEO.

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