Centurion Apartment REIT has Closed the Acquisition of its Second Multi-Residential Apartment Property in Manitoba

July 15, 2019

Centurion Apartment REIT has Closed the Acquisition of its Second Multi-Residential...

Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce that it has completed the purchase of a 45% interest in a multi-residential property in Winnipeg, Manitoba.

The property is located at 345-375 Bridge Lake Drive in the Bridgwater Trails neighbourhood in southwest Winnipeg. The Pinnacle at Bridgwater is a brand-new development offering 176 suites with a mix of one and two bedrooms that feature a large living space with modern finishes, granite countertops, full-size appliances, and in-suite washer and dryer.

The property has a 3,200-square-foot Resident Clubhouse housing fitness facilities, tenant lounge, games room, café-like study room, plus outdoor fire pits and common barbeques. The apartment community is surrounded by parks and essential amenities such as banks, coffee shops, and grocery store.

Centurion President and CEO Greg Romundt commented, "The property is another example of a successful acquisition by the REIT that originated from a REOT deal. This transaction, together with the recent acquisition of Summit at Seasons (map), will strategically position Centurion to leverage the city’s growing rental market.”

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