Centurion Apartment REIT Announces 100% Acquisition in its Montreal Student Housing Property
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the pending acquisition of the 75% ownership interest held by its partners in a 440 unit luxury student residence in Montreal. Upon closing, Centurion Apartment REIT will own 100% of the property. Originally acquired December 13, 2011, Centurion Apartment REIT has held a 25% stake in the property, with the balance taken up by partners.
The property will be branded The MARQ 515 at 1430 rue City Councillors and is the premier luxury student residence in Montreal. Serving a unique niche in the heart of downtown Montreal, its prime location is only a short walk to the McGill University campus and just 15 minutes to the Concordia University campus. This property is in the heart of St Catherine St and is surrounded by shopping, dining and entertainment options. The suites are fully furnished giving residents the convenience to move right in. Residents have their own private bedroom sharing the common areas of the apartment (bathrooms, living room, dining room, and kitchen) with roommates. The 515 has many premium amenities such as fitness & weight training rooms, theatre, games room, lounge with large screen TV, study and private meeting rooms, extensive CCTV coverage, sound proof music room, wifi in common areas, underground parking and onsite management. This building offers students the perfect blend of comfort and a convenient living experience.
This acquisition is anticipated to close mid-December and will be managed by Centurion Property Associates Inc., through The MARQ www.themarq.ca.
The MARQ is dedicated exclusively to providing students with superior housing options with well-managed properties that are close to everything that's important in a student's life. Both students and their parents will appreciate the safe, clean and comfortable apartments.Map of Location
Update: The acquisition closed successfully on January 20, 2015