Closing of the Acquisition of an Apartment Portfolio in Langford, British Columbia

July 2, 2019

Closing of the Acquisition of an Apartment Portfolio in Langford, British Columbia

Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce that it has completed the acquisition of an apartment portfolio in Langford, British Columbia. Village Walk West Apartments, Roberts Place, and Roberts Landing have a total of 136 units with a mix of one, two, and three-bedroom suites, as well as two commercial units. The portfolio complements another recent acquisition located in downtown Victoria, allowing for operating efficiencies amongst the portfolio.

Built between 2014-2016, the suites are equipped with full-size appliances (including dishwasher), individual heat pumps and air conditioning, in-suite washer/dryer, and in-suite storage. The suites boast 9-foot ceilings, open concept kitchens, modern finishes and exterior patios/balconies.

Located at 772, 777, 778, 784, and 790 Hockley Avenue in Downtown Langford (map) in the Greater Victoria Region, the properties are accessible by public transit with direct bus routes to downtown Victoria. The portfolio is close to schools, parks, banks, and restaurants, with Millstream Village Shopping Centre, Walmart, and Costco nearby.

Centurion President and CEO Greg Romundt shares "We are excited about our newest acquisition in Western Canada. Langford is one of the fastest growing communities in British Columbia with a robust rental market. The acquisition of this portfolio will provide Centurion opportunities to achieve economies of scale and improve operating efficiencies as we continue to expand our footprint across the entire Greater Victoria Area.”

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