By Jocko Toic / April 18, 2019
Centurion Apartment REIT Continues its Expansion into the U.S., Announcing its Pending Acquisition of a Multi-Residential Apartment Community in Athens, Georgia
April 18, 2019
Centurion Asset Management Inc., the asset manager of Centurion Apartment REIT, is pleased to announce the pending acquisition of a 75% interest in a multi-residential community in Athens, Georgia. This transaction is Centurion’s second acquisition in the U.S.
Athens, Georgia is located approximately 116 km from Atlanta and is the 6th largest city in Georgia. With an estimated population of 125,691 (2017 Census), Athens was named one of the best places to retire in the U.S. by Forbes in 2017. The city of Athens is commonly divided into two sub-cities – the west side and the east side, with the east side being known for its strong student demographic because of its proximity to the University of Georgia, and the west side being strongly dominated by professionals and retirees.
The community is a garden-style, multi-residential apartment building complex built in 1996 and is located on the west side of the city at 2035 Timothy Road, conveniently situated right off the essential corridors of U.S. Highway Route 78 and State Route 10 Loop with easy access to a variety of major retailers and employers.
The property known as Timothy Woods, offers 204 suites including large one-, two-, and three-bedroom apartments with an average square footage of 1,037. A portion of the suites have already been renovated with modern finishes, full-size appliances, and in-suite washer and dryer. The remaining suites will be part of a renovation program offering favourable upside potential for the community.
Centurion President and CEO Greg Romundt shares, “This acquisition continues to grow Centurions presence in the U.S. and complements our existing portfolio nicely. Centurion is excited about this recent acquisition and looks forward to expanding our footprint across the border.”