Centurion Apartment REIT Announces the Pending Acquisition of an Apartment Portfolio in Montreal, Quebec
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the pending acquisition of a two-thirds interest in an apartment portfolio in Montreal, Quebec. The Portfolio comprises 30 newly constructed, multi-residential properties totaling 3,678 rental units located throughout the Greater Montreal Area and represents the largest single multifamily transaction to ever occur in Quebec.
Built between 2016 - 2021, the properties offer a mix of studio, one, two, and three-bedroom suites with condo-quality finishes including stainless-steel appliances, large windows, in-suite laundry, and balconies. The buildings also offer numerous onsite amenities including outdoor pools, terraces, fully equipped fitness rooms, lounge areas, and meeting rooms. Coupled with each property’s attractive location, the amenity features have enabled the properties to attract a broad and significant appeal to both the mature and young professional demographic.
Apart from one property that is located close to Downtown Montreal, the remaining 29 properties are strategically split between the North and South shores of Greater Montreal within some of the area’s fastest growing suburban neighbourhoods. The properties are within proximity to schools, entertainment, shopping, and parks. Existing and future public transit developments are also favourably located a short distance from each of the properties, including the new Reseau Express Metropolitan South Shore Rapid Transit Stations which will link downtown Montreal, the Montreal-Trudeau international airport, South Shore, West Island, and North Shore.
"Centurion is excited about our newest acquisition in Greater Montreal,” says Greg Romundt, Centurion President and CEO. "As the largest multi-family acquisition to occur in Quebec, this portfolio will substantially expand our market share in Montreal’s growing rental market. It also compliments Centurion’s other recent acquisitions in the area, allowing for operating efficiencies amongst the portfolio.” (map)
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