Centurion Apartment REIT Announces Closing of Unit Offering
Centurion Apartment REIT will permit its current Offering Memorandum for Units of the REIT to expire as scheduled on April 30, 2014. The Board of Trustees the REIT believes that since the demand for REIT Units exceeds its’ available accretive investment opportunities that it is prudent to restrict the inflow of capital until further notice. The REIT will remain open for redemptions, continue to make scheduled distributions and clients electing to receive DRIP (Distribution Re-Investment Plan) may continue to do so.
To accommodate REIT Unit subscriptions that are in progress, the Board of Trustees has authorized a capped limit on further Unit purchases of $7 million in April which will be allocated on a first come, first serve basis. Capacity has been reserved out of this limit for any purchases through registered accounts that have already been received by Centurion. The REIT continues to search for accretive investment opportunities and hopes to reopen to new investment after existing capital has been deployed. Existing and potential investors wishing to subscribe to the next offering should indicate their interest to their advisors or to the REIT so that the REIT may set aside capacity and give notice to interested parties of the earliest availability of any new capacity.
Centurion Apartment REIT will provide updates on available capacity as it becomes available.
Update: The $7 million of capacity available for April was filled by April 21, 2014.