Centurion Apartment REIT Announces the Pending Acquisition of a New Multi-Residential Property in Winnipeg, Manitoba
September 10, 2021
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the pending acquisition of a new multi-residential property in downtown Winnipeg, Manitoba, known as Urban Square. This asset represents REIT’s fourth acquisition in Winnipeg and will bring the total number of units under ownership to 943.
In Winnipeg, the rental market has proven its resilience, despite the nationwide economic pressures felt throughout the last 18 months due to COVID-19. The rental market rates grew approximately 2.0% in 2020, with real GPD expected to grow by 4.8% in 2021. As a result, in acquiring the property, Centurion is well-positioned to continue to benefit from this economic momentum, which is further supported by the absence of rent control for newly constructed properties, such as Urban Square, in its first 20 years of operation.
“The addition of this property to Centurion’s Winnipeg portfolio will further cement and expand our footprint in Winnipeg while generating stable yields and resilient cash flow in one the most robust rental markets in Manitoba," commented Greg Romundt, Centurion President and CEO.
Urban Square is located at 230 Good Street in Winnipeg, Manitoba. This property is a newly constructed, six-storey, wood-frame, multi-residential complex with 143 diverse rental units. It features superb condo-quality interior suite finishes: in-suite laundry, quartz countertops, luxury vinyl flooring, as well as high gloss cabinetry throughout. Furthermore, tenants will have access to multiple amenities such as a theatre room, a business workspace, a gym finished with live green walls, bike storage, and indoor parking. Urban Square is in the West Broadway corridor. It is directly adjacent to Winnipeg's downtown core in one of the city’s most diverse and rapidly growing neighbourhoods, which offers proximity to the University of Winnipeg, Balmoral Hall School, Misericordia Hospital, and the city’s largest employment centre.
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