February 19, 2020
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the pending acquisition of a multi-residential apartment portfolio in Guelph, Ontario.
The development sits on approximately 15 acres of land located at the intersection of Elmira Road and Paisley Road in Guelph. The portfolio will be constructed in three phases and upon completion, will comprise multiple multi-residential apartment buildings and a amenity building. Construction is expected to start in 2020 with estimated completion by Spring 2024.
Preliminary building plans indicate a minimum of 620 units across the buildings, which are up to eight storeys in height. Once completed, the suites will feature 9-foot ceilings, luxury vinyl flooring, individual heating and cooling, and modern kitchens with quartz countertops, tiled backsplash, and stainless-steel, energy-efficient appliances.
Buildings will have a rooftop terrace with BBQ pit, resident lounge with full-size kitchen, and optional storage rooms and bike lockers. Additionally, the amenity building features a pool with hot tub, fully equipped fitness centre, social lounge, theatre, and games room with billiards, ping pong, and foosball.
The portfolio is surrounded by essential amenities such as shopping centres, supermarkets, medical offices, banks, and restaurants. It is minutes away from Highway 6/7, providing easy access to 400 series highways. The Guelph Central Station is less than 10 minutes away, offering train and bus access via Go Train, Greyhound, VIA Rail, and GO Bus.
Centurion President and CEO Greg Romundt comments, “The addition of this new portfolio to Centurion’s existing southwestern Ontario properties will further cement and expand our footprint in the region while continuing to develop economies of scale and operational synergies. This will also enable is to provide a more diverse offering of rental apartments to prospective residents.”
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