Centurion Asset Management and Centurion Apartment REIT announced the addition of six multi-family properties in Manitoba, British Columbia and Saskatchewan to their portfolio. In total, the properties comprise almost 740 units and are either new, or recently constructed.
Three of the properties are in Regina, two are in Winnipeg and the other is in Victoria.
“We are excited about our newest acquisitions and increasing our footprint in Central and Western Canada,” said Centurion president and CEO Greg Romundt in a release. “These transactions resulted from Centurion Apartment REIT’s strategic relationship with Centurion REIT in identifying potential acquisitions after having performed due diligence in the build and stabilization process.”
In Regina, Centurion has closed on the purchases of Madison Manor, Madison Ridge, and Sky Pointe. The three properties have a total of 187 units with a mix of one-bedroom, two-bedroom, and three-bedroom suites.
Madison Manor was constructed in 2015, Madison Ridge in 2014 and Sky Pointe was completed in 2012.
All suites offer full-size appliances including in-suite washers and dryers, central heating and air conditioning and boast spacious, open-concept living and dining rooms with modern finishes.
The properties are located at 1251-1291 McEachern Drive and 5960 Little Pine Loop in northwest Regina. The neighborhoods are close to schools, parks, grocery stores, restaurants, and shopping centres with easy access to Louis Riel Trail and the CanAm Highway.
The first property is located at 345-375 Bridge Lake Drive in the Bridgwater Trails neighbourhood in southwest Winnipeg.
The Pinnacle at Bridgwater is a brand-new development offering 176 suites with a mix of one- and two-bedroom units in addition to a 3,200-square-foot clubhouse with fitness facilities and social rooms. The suites feature large living spaces with modern finishes, full-size appliances, and in-suite washer and dryer.
Centurion will be acquiring a 45 per cent interest in the property.
The second acquisition is located at 701-721 Sterling Lyon Parkway in the Tuxedo neighbourhood in southwest Winnipeg.
The Summit at Seasons is a luxury apartment complex consisting of five new buildings with 416 units and a 3,200-square-foot clubhouse with fitness facilities and social rooms. The suites feature a modern living space with luxury vinyl flooring, full-size appliances, and in-suite washer and dryer.
Centurion will acquire a 50 per cent interest in this development.
Centurion is also acquiring a 50 per cent stake at 1488 Cook Street in the Harris Green neighbourhood bordering downtown Victoria.
V1488 is a 134-unit, newly constructed apartment building with 7,860 square feet of commercial space on the ground level. The suites feature modern finishes, stainless steel appliances, and in-suite washer and dryer.
Centurion expanding its assets
The acquisitions are part of Centurion’s strategy to dramatically expand its assets through investments in both buildings and in debt, as Romundt explained to RENX in an interview earlier this year.
“We’re currently just short of $1.5 billion in assets and our plan is in three years to get to $3 billion and $5 (billion) in five,” he said of Centurion, which operates the REIT, Centurion Real Estate Opportunities Trust and Centurion Financial Trust. The company now has about $1.65 billion in AUM.
Romundt also said Centurion was looking to diversify its portfolio, both in Canada and through U.S. investments.