Centurion Apartment REIT Announces the Acquisition of a New Multi-Residential Apartment Property in Surrey, British Columbia
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the completed acquisition of the first phase of two phases of Metro Scott Road, a newly constructed multi-residential property in Surrey, British Columbia. This new acquisition is Centurion’s second in Surrey and features two 6-storey, luxury rental buildings with 4,728 square feet of ground floor commercial space. The project is situated at 11018 and 11088 126A Street, five minutes away from Fusion, another multi-residential property which Centurion acquired in September 2019.
Phase I of Metro Scott Road comprises a total of 233 residential units above a 3-level partially underground parkade and consists of a mix of studio, one, and two-bedroom units with dens and additional bathrooms in select suites. The suites feature condo-quality finishes, which include quartz counters, luxury vinyl plank flooring, and stainless-steel appliances. Amenities offer a state-of-the-art theatre room, large central courtyard located above the parking podium, rooftop deck, lounge and party room, and fully-equipped gym. Phase II, consisting of an additional 281 units, is currently under construction and is expected to close in Q3 2022.
Metro Scott Road is located steps away from King George Blvd, the arterial gateway to New Westminster, Burnaby, and Vancouver. It is also directly adjacent to Scott Road Skytrain station, connecting residents to downtown Vancouver in less than 30 minutes. Surrey City Center – the city’s financial district and entertainment capital with an abundance of retail, restaurants, and recreational amenities – is merely 5 minutes away.
“Metro Scott Road is our second acquisition in Surrey and we anticipate continued investment in Greater Vancouver Area’s growing market,” commented Greg Romundt, Centurion President and CEO. “We are seeing more multi-family developments as renters seek out more attainably priced housing that is still close to the central business district. This new property will provide a diverse offering to prospective tenants as we continue to develop economies of scale and operational synergies in Western Canada.” (map)
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