Auctus Property Fund LP Acquires New Property in Winnipeg, Manitoba

Deveraux Asset Management, the asset management division of the Deveraux Group of Companies, is pleased to announce that on June 28, 2019 Auctus Property Fund LP successfully completed the acquisition of a 50% ownership interest of Auctus Property Fund LP II (“Auctus II LP”), an apartment portfolio located in Winnipeg, Manitoba.

With the acquisition of Auctus II LP, Auctus LP has gained the fully operational Summit at Seasons, a 416-unit luxury apartment community in the Tuxedo neighbourhood of Winnipeg. The site is immediately adjacent to Winnipeg’s premier retail hub, The Outlet Collection at Seasons, with over 100 acres and nearly one million square ft. of mixed-use retail space.

The Summit at Seasons consists of four, 64-unit wood-frame buildings and one 160-unit steel and concrete building with a heated underground parkade. Apartment options in the wood-frame buildings include one and two bedroom plus den suites ranging from 722 to 1,018 square feet. The larger steel and concrete building features contemporary one, two and three bedroom suites that vary from 610 to 1,339 square feet. All suites are complete with high-end finishes such as granite countertops, vinyl plank flooring, stainless steel appliances, air conditioning and private balconies. In addition, the property includes a resident clubhouse and office which features on-site customer service, a study room, games lounge, fitness centre and an outdoor swimming pool, dog run, fire pits and BBQ area.

Denis Jones, President and CEO of the Deveraux Group of Companies, stated, “We are excited to expand the property portfolio into the Manitoba market, as it has one of the most diversified economies in Canada, with a history of stable economic growth and low vacancy rates. We are honoured and thankful to have supportive Limited Partners as they have made this transaction and Auctus LP successful.”