Boardwalk Real Estate Investment Trust is pleased to announce that it has acquired Auburn Landing, a recently constructed 238-unit Calgary apartment community.

Auburn Landing consists of two buildings with 111 one-bedroom apartments averaging 690 sq. ft., and 127 two-bedroom apartments averaging 1,035 sq. ft. and a total of 316 underground parking stalls.  Nearby amenities include a community lake, recreation facilities, retail shopping plaza, and is steps from the new South Calgary Health Campus.

Sam Kolias, Chairman and CEO of Boardwalk REIT commented: “We are pleased to acquire Auburn Landing and deliver on our strategic goal of high-grading our portfolio through the acquisition and development of newly built assets.  We believe the unique opportunity to purchase newly built assets during softer economic times in our core markets positions Boardwalk to continue delivering long term value.”

Auburn Landing was completed in 2016, and is currently over 50 per cent leased.

Rob Geremia, President of Boardwalk REIT added: “The acquisition of Auburn Landing, and the Trust’s previously announced acquisition of 509 newly built apartment units in Edmonton have represented an exceptional opportunity for the Trust to allocate existing capital towards value adding transactions for the Trust’s Stakeholders, is consistent with the Trust’s 2016 acquisition target of 800 – 1,200 apartment units, and will in part, help to offset rental incentives during the current economic environment.”