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Centurion acquires Sainte-Thérèse, Kelowna apartments

IMAGE: Centurion's Sainte-Therese acquisition
The Axcès Ste-Thérèse in Axcès in Sainte-Thérèse, Que., recently acquired by Centurion Apartment REIT. (Courtesy Centurion Asset Management Inc.)

Centurion Apartment REIT has announced the acquisitions of two new multiresidential properties in as many days – apartment buildings in Sainte-Thérèse, Que., and in Kelowna.

This marks three acquisitions for the trust in the past two weeks.

The acquisition of the six-storey Axcès Ste-Thérèse in Greater Montreal represents the third-and-final phase of development on the site. The first two phases had been acquired by Centurion as part of the 30-property portfolio it acquired from a joint venture involving Habitations Trigone, Fonds de Solidarité FTQ and Montez Corp. earlier this year.

Meanwhile the Aurora in Kelowna, also six storeys, was completed this year.

Just over a week ago, the REIT also announced the pending acquisition of the first phase of the NOX multiresidential apartment development in Gatineau, Que. That project, when built-out, will deliver 534 new housing units to the National Capital Region.

The REIT is managed by Toronto-based Centurion Asset Management Inc.

Founded in 2003, it has over $6 billion in assets under management as of the end of September.

Centurion Apartment REIT owns more than 19,000 multiresidential apartment units, medical offices and student housing beds across 47 cities in Canada and the U.S.

Axcès Ste-Thérèse

The apartment at 301 Claude-Dagenais consists of 84 suites including bachelor, one-bedroom, one-bedroom-plus-den, two-bedroom, two-bedroom-plus-den, three-bedroom and three-bedroom-plus-den units. 

Residents have access to common rooms for entertaining family and friends including a living room with a fireplace, dining room with a kitchen, pool table, gym, terraces and an outdoor swimming pool.

“We’re pleased to be adding Axcès Ste-Thérèse to our expanding Québec portfolio,” Greg Romundt, Centurion president and CEO, said in a statement.

“This innovative, all-inclusive rental concept is ideal for mature professionals and retirees looking for an exceptional living experience, and a natural acquisition for Centurion given our investment into the site already with the purchase of the first two phases in spring 2022.”

Highways 15, 640 and 117 are nearby, as well as a commuter train station to Montreal.

The Aurora

The mid-rise property at 230 Aurora Cres. offers 104 rental apartment units spread across two buildings with a variety of floor plans including studio, one-, two- and three-bedroom suites, all of which have balconies.

The suites feature quartz countertops, hardwood flooring and high-exposed ceilings. Appliances, including in-suite laundry, come with each suite.

Amenities include two outdoor patios, a recreation area, a fitness area, a business centre, a lounge and a pet wash station.

“The Aurora is an excellent addition to our British Columbia portfolio and represents Centurion’s third acquisition in Kelowna and the 17th acquisition within the province of British Columbia, resulting in a total of 1,772 total rental units located throughout Burnaby, Victoria, Surrey, Langford and Kelowna,” said Romundt in a statement.

In February, RENX also reported on the REIT's $86.5-million purchase of the 238-suite Knox Village in Kelowna from Chilliwack, B.C.-based Kerkhoff Develop-Build, marking the town's largest multiresidential transaction at the time.

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