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Centurion Apartment REIT Announces the Pending Acquisition of a New Multi-Residential Apartment Property in Langford, British Columbia

November 8, 2019

Centurion Apartment REIT Announces the Pending Acquisition of a New Multi-Residential Apartment Property in Langford, British Columbia

Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the pending acquisition of another newly constructed multi-residential property in Langford, British Columbia. The property is adjacent to five other properties that Centurion purchased in July 2019. This new acquisition will bring Centurion's portfolio to 10 properties and 664 rental units in the Greater Vancouver Area. The anticipated closing of this transaction is on December 9, 2019.

The six-storey, purpose-built rental apartment building is situated at 765 Hockley Ave in downtown Langford. Completed in August 2019, Hockley Corners houses 63 residential units with underground parking and optional out-of-suite storage. The suites offer a mix of one and two-bedroom units with dens in select suites. The suites feature 9-foot ceilings, condo-quality finishes, stainless-steel appliances, individual heating and cooling system, and in-suite washer/dryer.

Hockley Corners is conveniently situated close to Millstream Village Shopping Centre, as well as a variety of amenities including groceries, retail stores, and restaurants. There is also easy access to public transit with direct bus routes to downtown Victoria. Bear Mountain Golf Resort is just 10 minutes away, offering residents an assortment of recreational activities such as cycling, mountain biking, hiking, and kayaking.

“The acquisition of yet another newly constructed property is an example of how we are modernizing our overall portfolio to meet the demands of today’s residents and reduce future overall capital expenditure,” comments Centurion President and CEO Greg Romundt. "Moreover, this transaction places Centurion in a strategic position to benefit from Langford’s booming local economy and robust rental market as we continue to develop additional economies of scale in Victoria.” (map)

For media inquiries, please contact communications@centurion.ca.