Boardwalk REIT announced it has acquired two apartment properties located in Canmore, AB, and Brampton, ON, for a combined purchase price of $117.5 million. According to a recent operational update, the new portfolio “strengthens and expands” the Boardwalk’s presence in two significantly undersupplied housing markets while providing immediate accretion to Unitholders.”

The transaction closed on March 30, 2022 and was funded with a combination of existing liquidity and low-cost mortgage financing.  The 148-unit property in Canmore, known as Peak Estates, consists of three A-class, four-storey buildings constructed in 2018. Boardwalk REIT currently owns Elk Valley Estates and Mountainview Estates in the nearby town of Banff, bringing its portfolio in the region to over 300 units.

Ardglen Place in Brampton totals 152 townhouse units and offers “significant value-add potential” for the Trust. The property features large unit sizes and offers residents desirable low-density housing in the rapidly growing Peel Region. According to Boarwalk, it now has a solid operational foothold in the area ahead of the completion of Tower 1 of the Trust’s 45 Railroad development in Brampton, which is expected to come online in Q4 2022.

As part of the operational update, Sam Kolias, Chairman and Chief Executive Officer of Boardwalk commented: “After a slower January and first two weeks of February, we have seen a strong increase in rental traffic in March with higher occupancy and lower availability as we head into the strong spring leasing season.”

For the full update from Boarwalk REIT, visit: pr-04-06-2022-q1-timing-final2.pdf (bwalk.com)