Centurion Apartment REIT Announces Trigger Event & Rollover of CAP I LP into the REIT

Centurion Apartment REIT is pleased to announce that it has completed the rollover of Centurion Apartment Properties LP (CAP I LP) into the REIT.  CAP I LP Unitholders now hold exchangeable "B" Units of CAP II LP (owned by the REIT) which may be exchanged on a one for one basis for Class "A" REIT Units. Management believes that the completion of the rollover will permit the REIT to turn its attention to acquisitions and growth.  Centurion is actively pursuing a number of interesting opportunities.