Centurion Apartment REIT has acquired its first property in the Laval submarket of Greater Montreal, the new 12-storey Evolution building at 1355 Le Corbusier Blvd.
The building contains 240 “condo-quality apartment units” according to Centurion, configured in studio, one-bedroom, two-bedroom and three-bedroom suites.
“We are pleased to be adding Evolution to our expanding Québec portfolio,” said Greg Romundt, Centurion’s president and CEO, in the announcement. “This acquisition is our first in the Laval area and brings our total number of rental units in Québec to 6,068 units.
“The location and high-quality construction make it an excellent complement to the portfolio.”
The property was developed in a joint venture by Urbania Development Corp., and the Fonds immobilier de solidarité FTQ. Originally known as Urbania Haus, the property represented an investment of $72 million for the developers.
Centurion did not release financial details about the acquisition.
The Evolution apartments property
Larger units in the development range up to 1,132 square feet according to information from Urbania and Fonds FTQ. In its original marketing material for the building, Urbania and Fonds identified young families, students, workers and “pre-retirees” as its key demographics for the project.
The apartments feature a contemporary design, Centurion says, with features including large windows, quartz countertops and stainless-steel appliances. Each has a private balcony or terrace.
Building amenities include a rooftop terrace with panoramic views, a car wash station, expansive indoor parking and a landscaped courtyard.
It also has 240 indoor parking spaces.
Evolution has good access to the nearby Montmorency Métro Station and the Trans-Canada Highway, offering access to the Greater Montreal Area and downtown Montreal via public transit or by car.
The surrounding neighbourhood offers a wide range of attractions and facilities including Place Bell, university campuses, Collège Montmorency, Salle André-Mathieu, Maison des Arts de Laval, grocery stores, retail stores and restaurants.
Centurion's other recent acquisitions
Centurion has announced a steady stream of acquisitions over the past few months, expanding its portfolio to over 19,000 multiresidential units, as well as medical offices and student housing beds across 47 Canadian and U.S. cities.
The Toronto-based firm is managed by Centurion Asset Management Ltd., which was founded in 2003 and holds over $6 billion in assets under management as of the end of Q3 2022.
Its most recent acquisitions include the final phase of the Axcès Ste-Thérèse development, also in Greater Montreal, and the Aurora apartments in Kelowna. Both were announced in mid-December.
The final phase at Axcès Ste-Thérèse includes 84 apartments, while the Kelowna mid-rise property has 104 rental units in two buildings.
A few weeks earlier, Centurion also announced the acquisition of the NOX apartment development in Gatineau, Que., across the Ottawa River from Ottawa. That project, when fully built-out, will comprise 534 new housing units.