Ownership of a brand new purpose built rental building in Glenmore has changed hands.
According to real estate magazine the Western Investor, the development dubbed TRIO sold for $55-million to Toronto-based company Centurion Apartment Real Estate Investment Trust.
Construction on the three five-storey buildings with a total of 175 units was only completed earlier this month after being approved by council in April of 2019.
Kelowna-based Traine Construction and Development, along with Toronto-based Harbour Equity, were originally behind the project.
According to the purchaser's website, TRIO's new Toronto-based owner "invests in a diversified portfolio of rental apartments and student housing properties across Canada and the United States" concentrating on communities with historically low vacancy rates, growing population demographics, and opportunities to improve rent levels.
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