Centurion Apartment REIT Announces the Pending Acquisition of an Apartment Portfolio in Toronto, Ontario. (Update: Acquisition Successfully Closed)
April 26, 2016
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the acquisition of 1731, 1735 and 1739 Victoria Park Avenue in Toronto, Ontario. Currently, Centurion owns and manages three other properties in the eastern Toronto area (Biggin Court, Victoria Park Apartments, and Rannock Apartments); this acquisition increases Centurion’s positioning in the area from 453 units to a total of 582 units.
The three apartments are 4-storey walk-ups with 129 units comprising of 15 bachelor suites, 78 one-bedroom and 36 two-bedroom suites. Located by Lawrence Avenue East and Victoria Park Avenue, the building includes surface parking, a common laundry room per building and is convenient to public transportation routes and easily accessible to Highway 401 just a few kilometres north and Highway 404 to 1.5 kilometres to the north-east. The neighbourhood is walking distance from local schools, places of worship, parks grocery and retail stores.
For more information about Centurion Asset Management Inc., Centurion Apartment REIT, Centurion Real Estate Opportunities Trust, Centurion Property Associates or The MARQ, visit us online at www.centurionreit.com.
This acquisition is expected to close on or about May 9, 2016.
UPDATE: Centurion is pleased to share the acquisition officially closed on May 9, 2016.