Centurion Apartment REIT Announces Acquisition of 80% Interest in 360 Suite Apartment Complex in Kitchener
Centurion Apartment REIT is pleased to announce that it has closed the purchase of the 80% interest in a 360 suite apartment property held by its partner Kingsett Capital, bringing the REITs holding to 100% of the property as of the closing. The property comprises 360 suites in 8 separate buildings at 262,266,270,274,278,282,310 and 320 Kingswood Drive in Kitchener, Ontario. The acquisition price is $28.40 million and will be financed by a combination of cash and assumed mortgages. Centurion has had an ownership stake and managed the property since 2008 and it is a natural fit for the REIT to increase its holding to 100%.
More information about the property is available on the property management website here.