Current investments
Kingswood Estates
In January 2008, C.A. Bancorp, through a newly formed limited partnership, acquired a majority interest in the Kingswood Estates in Kitchener, Ontario.
The Kingswood Estates consists of eight garden-style apartment buildings with approximately 360 units. The property is strategically located in the south end of Kitchener with excellent access to major malls, the downtown area and major highways. The buildings are comprised of one- and two-bedroom units, and are presently over 96% leased. The Kingswood Estates will be managed by Centurion Property Asset Management, a property management company. The property management company is related to Centurion L.P. an experienced real estate developer and property manager who currently owns more than 800 units in 23 locations across southern Ontario, and has a 10% interest in the Kingswood Limited Partnership.
OVERVIEW: $6 million investment in a newly formed limited partnership with Centurion Apartment Properties Limited Partnership, an experienced real estate developer and property manager
RATIONALE: The acquisition offers our shareholders exposure to a unique opportunity not readily accessible to retail investors within the real estate industry. The investment represents an acquisition of a strong cash flow-generating property, with consistently high occupancy rates. With better management, property improvements and unit upgrades the investment offers significant upside potential.
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