Singapore-based company acquires Latitude apartments in Kent

Isabella Schreck, Reporter

Ascott Residence Trust, Asia Pacific’s largest hospitality trust, finalized its purchase of Latitude apartment property at 1450 E. Summit St. in Kent during the last week of December 2021.

In an email to KentWired, the trust said “the acquisition will not impact the students living at Latitude at Kent.”

The trust is based in Singapore and acquired the complex for $29.5 million. It has a leasehold on the property until Dec. 13, 2117.

Latitude has five stories with 126 units over 152,307 square feet containing one-to-four bedroom apartments. It is currently over 98 percent occupied. Its amenities include in-unit washers and dryers and an outdoor pool, gym and grilling area.

Senior accounting major Andrew Yun, who has lived at the complex for over a year, said he has had a positive experience living at Latitude and has seen no changes to his living experience after the purchase.

“So far, no noticeable changes have been made,” Yun said. “My experience has been pretty positive. Management and staff are constantly keeping things running smoothly to provide residents with the best living experience.”

ART is valued at over $7 billion and owns 700 properties in 15 countries. The trust started in 2006 and specializes in hotel and serviced apartment real estate.

It expanded into the United States in 2021, purchasing Signature West Midtown, off-campus apartments near Georgia Tech in Atlanta, for $95 million.

Adding to its four previously owned student properties, ART also bought three other college apartment complexes at the University of Pennsylvania and Drexel University, North Carolina State University and University of North Carolina Wilmington, acquiring $213 million overall including Latitude.

Isabella Schreck is a reporter. Contact her at [email protected].