November 28, 2019
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce that it has completed the acquisition of a 45% interest in a multi-residential property in Winnipeg, Manitoba. This new acquisition brings Centurion's portfolio to three properties and 800 rental units in Winnipeg.
The property is located at 340-370 Bridge Lake Drive in the Bridgwater Trails neighbourhood in southwest Winnipeg. Situated adjacent to a previous acquisition (Pinnacle at Bridgwater I), Pinnacle at Bridgwater II is a brand-new development offering 208 suites with a mix of one and two bedrooms that feature a large living space with condo-quality finishes, air conditioning, stainless-steel appliances, and in-suite washer and dryer.
The property has a 3,200-square-foot Resident Clubhouse with fitness facilities, tenant lounge, and common area barbeques, as well as an outdoor pool, which it shares with Bridgwater I. The community is surrounded by parks and essential amenities such as retail stores, groceries, schools, and restaurants.
“This acquisition aligns well with Centurion’s investment strategy of targeting markets with strong economic, job, and rental growth (map),” says Greg Romundt, Centurion President and CEO. “Bridgwater I and II presented good opportunities for Centurion to invest in new properties that require minimum capital expenditure and produce steady returns for our investors.”
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