Centurion Apartment REIT Announces the Successful Sale of Two Recently Completed Development Projects in Texas, United States
October 28, 2021
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the successful sale of two recently completed purpose built multi-family apartment buildings in Texas, United States. Centurion provided most of the required equity by way of senior ranking preferred equity investments. The projects were located in Austin and Las Colinas (greater Dallas area).
“We were very pleased with the performance of these two investments. We initially invested with an expectation to retain the completed projects upon stabilization but once they were completed, the high valuations and resulting returns supported the decision to sell the projects on completion." commented Greg Romundt, Centurion President and CEO.
Belterra Village in Austin
The Belterra Village investment sale was completed on September 17th,2021. The project was newly built and consisted of four 5-storey and one 3-storey mid-rise multi-family buildings with 233 units The amenities included recreation and aquatic centres, a state-of-the-art gym with a yoga studio, a resident lounge, a game room with a billiards table, and co-working spaces. There were also plenty of outdoor activity amenities such as a resort-style pool, grilling areas, dog park, golf simulator, and ball courts.
The Carolyn in Las Colinas
The Carolyn investment sale was completed on April 16th,2021. This project was a newly constructed 5-storey mid-rise multi-family property comprising 319 units, located beside Lake Carolyn. The amenity package included a fitness room, clubhouse/recreational building, a mini-market, swimming pool, spa/hot tub, playgrounds, game room, business centre, and courtyards. The site was adjacent to the extensive walking paths surrounding the lake and to the local elevated rapid transit system.
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