Centurion Sells 143-Unit Winnipeg Rental Property In Portfolio Shift
Centurion has sold a 143-unit apartment building in Winnipeg as it shifts its focus to markets where it has a larger presence.
The Toronto-based company announced the sale of Urban Square at 230 Good St. on Wednesday. The property was constructed by Ironclad Developments in 2021 and acquired by Centurion that October.
Urban Square was Centurion’s only wholly-owned, internally-managed property in Winnipeg. Its other investments in the city are held primarily through joint ventures, limiting opportunities to reduce operating costs across a larger portfolio.
Ryan Kauder, Centurion’s executive vice-president of acquisitions and dispositions, cited “limited operational synergies and an opportunity to unlock capital in a challenging market environment” among the reasons for selling.
Centurion said the transaction closed above book value and at a premium to market estimates. However, the company did not disclose the buyer or purchase price.
JLL marketed the property alongside its Winnipeg-based partner, Capital Commercial Investment Services, highlighting its location near downtown Winnipeg and the University of Winnipeg.
The offering also detailed the 15 years remaining under Manitoba’s exemption from rent increases for newer rental buildings, allowing an owner to charge market rents for the foreseeable future.
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Jared Ennis
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Rick Recckio
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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