Centurion Apartment REIT has acquired a new, purpose-built, 205-unit student residence serving Wilfred Laurier University and the University of Waterloo.

The cost of the acquisition, $17 million, was financed by a combination of operating facilities, cash and a new long-term mortgage. Centurion will be taking a 100 per cent stake in the property. The property is newly constructed and was completed for occupancy in fall 2012.

Located at 167 King St. North, the property is across the street from Centurion’s other student residence in Waterloo, Ont., at 173 King St. North. Between these two locations, Centurion has 424 rental units in close proximity to the Wilfred Laurier University campus, transportation, services, shopping, dining and entertainment opportunities.

With this acquisition now complete, Centurion has interest in 1,594 student rental units in six properties serving five universities, bringing its total portfolio to more than 4,400 rental units in 42 properties in 17 communities.

Centurion is currently exploring other opportunities in the purpose-built student residence market across Canada, and believes there will be further accretive transactions for the REIT therein.