Centurion Apartment REIT Announces the Acquisition of a Multi-Residential Apartment in Kelowna, British Columbia

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 Knox Village, located at 1450 Cara Glen Court in Kelowna, BC.

The Knox Village portfolio consists of four wood-frame, mid-rise, multi-residential apartment buildings comprising a total of 238 rental suites. The first phase (“Phase I”), consisting of 60 units, was recently acquired by Centurion in June of this year. Today’s announcement marks the closing of Phase II, totaling an additional 61 units, while construction of the 117-unit third and final phase (“Phase III”) is set to be completed mid-2024 with closing expected to occur shortly thereafter.

Phase II offers tenants a variety of suite types including studio, one-bedroom, one-bedroom + den, two-bedroom, two-bedroom + den, and three-bedroom units. The suites feature a contemporary design, with quartz kitchens and bathroom countertops, in-suite laundry and stainless-steel appliances. The building offers condo quality amenities including an outdoor patio, fitness area, pre-wired electric vehicle plug-ins and indoor parking.

The property is conveniently located neighbouring Knox Mountain Park, minutes away from TRIO Apartments, another Centurion rental community and a less than a 10-minute drive from downtown Kelowna. Residents benefit from convenient access to a wide range of amenities within a 5–10-minute drive, including grocery stores, medical services, restaurants, and retail stores.

“We are pleased to be adding the second phase of Knox Village to our expanding British Columbia portfolio and complementing our existing properties in the Kelowna area.” commented Greg Romundt, Centurion President and CEO. “We look forward to the final phase's completion in mid-2024, further expanding our presence in the Kelowna market.”

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