Centurion Asset Management and Centurion Apartment REIT have made their second acquisition at a multi-phased residential development in Dartmouth, taking ownership of the six-storey Carrington Suites.
The property is located at 47 Holtwood Court in Dartmouth, just outside Halifax. The building was completed in September 2023 and contains 86 "high-end" apartments offering a mix of one-, two-, and three-bedroom units.
The suites feature quartz countertops, premium stainless-steel appliances and large balconies, according to the company. The amenity package includes a fitness room, rooftop terrace, underground parking, storage facilities and a guest suite.
"We are excited to be expanding our presence in Nova Scotia and contributing much-needed rental supply to this growing province," Centurion president and CEO Greg Romundt said in the announcement.
Financial details were not released.
Carrington Suites is the fourth and final phase of the development at that property, and the second to be acquired by Centurion.
It also owns the neighbouring first phase, a 114-unit apartment building called The Huntington. It was acquired in December 2014, offering "tremendous opportunities for Centurion to establish further operating efficiencies and economies of scale with this new acquisition," Centurion's release states.
The other two phases, the Ashton Suites and The Kensington, are owned by different operators. The property was developed by local company Blue Iron Developments.
Centurion seeking to expand in region
The site is situated in the residential community of Russell Lake West and provides access to several rental demand drivers within close proximity including retail and shopping options, restaurants, health-care facilities and entertainment venues.
The location also offers connections to the Circumferential Highway, offering quick access to Burnside, the Mic Mac Mall, Dartmouth Crossing, the MacDonald Bridge and the MacKay Bridge.
In an email exchange with RENX, a Centurion spokeswoman said these are the only two assets the REIT owns in Nova Scotia at present: "However, we are open to exploring opportunities for expansion and hope to acquire more properties in Nova Scotia when suitable prospects arise."
Centurion Asset Management Inc., is the asset manager of Centurion Apartment REIT. The firm is based in Toronto.
The REIT invests in a diversified portfolio of rental apartments and student housing properties, as well as mortgage and equity investments in property developments, across Canada and the U.S.
Its strategy is to focus on communities with historically low vacancy rates, growing population demographics and opportunities to improve rent levels.