Centurion Asset Management has announced the pending acquisition of Phase I of a three-phase multi-residential apartment portfolio located in Gatineau, Quebec. In Q1, Centurion acquired the neighbouring development, Le Central, from the same developer, Junic. The acquisition of the NOX will bring Centurion’s total Gatineau portfolio to 879 rental units.
The NOX consists of seven mid-rise, multi-residential apartment buildings that are being constructed in three phases. Phase I, located at 350-380 Boulevard de l’Amérique-Française and comprising four buildings with 277 rental units, was just completed in October 2022. Phase II, located at 40-60 Marguerite Maille and comprising two properties with 158 rental units, is anticipated to be completed in January 2023. Phase III, located at 615 Boulevard Du Plateau and consisting of one building with 99 rental units, is anticipated to be completed in April 2023.
The buildings rise seven stories and offer a variety of suite types, from studios through to two-bedroom plus mezzanine units. Amenities include shared rooftop terraces with BBQs, a condo-quality gym, a swimming pool and hot tub, a lounge, pet wash facilities and ample indoor and outdoor parking.
“We are thrilled to further expand Centurion’s presence in Gatineau,” said Centurion President and CEO Greg Romundt. “The Gatineau-Ottawa region is Canada’s fourth largest cosmopolitan area and this development will help fulfill the city’s growing rental needs.”
Located in the Le Plateau region of Gatineau, NOX is centrally located close to public transit and highways, with downtown Ottawa only a 10-minute drive away. The development benefits from its strategic location in close proximity to Agora Urban Village Community, a modern mixed-use development consisting of an abundance of retail, entertainment, grocer and lifestyle amenities including boutiques, food markets, cafes, pharmacies, health clinics as well as a 26-acre Centre Park.
According to the press please, this superior location coupled with the opportunity to build on Centurion’s existing Gatineau footprint will enable Centurion to achieve immediate scale opportunities in a market benefitting from both extremely high rental demand and little supply of purpose-built rentals.
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