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

February 26, 2020

Centurion Apartment REIT Announces the Pending Acquisition of a New Multi-Residential...

Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the pending acquisition of a newly constructed multi-residential property in Surrey, British Columbia. This new acquisition is Centurion’s second in Surrey. The anticipated closing date for phase 1 of this transaction is in January 2021.

The property is currently under construction but once completed, it will house four 6-storey, luxury rental buildings with 11,867 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.

Metro Scott Road comprises a total of 514 residential units and two commercial units above a 3-level partially underground parkade. The property offers 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 will include state-of-the-art theatre room, large central courtyard located above the parking podium, roof top deck, lounge and party room, and fully equipped gym.

Metro is located footsteps away from King George Blvd, which is the arterial gateway to New Westminster, Burnaby, and Vancouver. It is situated 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 over a five-month period, and we anticipate continued investment in Greater Vancouver Area’s growing market,” commented Centurion President and CEO Greg Romundt. “We’re 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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