Centurion Apartment REIT Announces Pending Acquisition of 364 Rental Unit Portfolio
Centurion Apartment REIT is pleased to announce the pending acquisition of a portfolio of 364 rental suites comprised of 204 apartments in Toronto and 160 apartments in Cambridge.
The 204 apartment suites in Toronto are located at 26, 27 & 50 Thorncliffe Park Drive in close proximity to Centurions other property in the area at 6 Grandstand Place, bringing the number of suites in this immediate area to 264 (in 4 buildings) and the total number of suites in the Don Valley Pkwy & Eglinton node to 689 (in 13 buildings).
Map of Area - 26,27 & 50 Thorncliffe Park Drive, Toronto ON
The 160 apartment suites in Cambridge are located at 219, 252 & 256 St Andrews St. This will increase the REIT's holdings in Cambridge to 583 suites in 11 buildings.
Map of Area - 219, 252, 256 St Andrews St, Cambridge ON
Upon completion, the REIT's portfolio will include interests in 3,773 rental units in 37 sites in 16 communities in Canada. Of these, 2,384 will be standard apartments and 1,389 will be student housing. Year to date, acquisitions and pending acquisitions total almost $144 million comprising 1,855 rental units.
The transaction is expected to close on or about 4 September, 2012.
Update: The propertes were acquired and the transaction closed on 4 September 2012.