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Alberta & Prairies  + Canada  + Ontario  + Apartments  | 
A downtown Calgary apartment building has sold for $83.4 million.

Boardwalk Acquires Circle, Seeks to Raise $150M

Boardwalk REIT has acquired a newly constructed Calgary apartment complex and is seeking to raise $150 million.

Calgary-based Boardwalk announced that it purchased the 295-unit Circle property in the Seton neighbourhood for $77.8 million. The REIT said it entered the conditional purchase agreement in May and has approximately $69.8 million to close the transaction.

The property, which is not encumbered by any debt, is located near two of Boardwalk’s existing communities, the Level and Auburn Landing, in the Seton area. The deal is expected to close in February.

Meanwhile, Boardwalk said it plans to raise the $150 million by issuing an additional 328,500 units at a price of $68.50 apiece. If an over-allotment option is executed, the gross proceeds could reach $172.5 million.

Boardwalk said it plans to use the capital to finance the purchase price for the Circle, repay its portion of a floating-rate construction credit facility on the 45 Railroad property in Brampton., Ont. and fund acquisition and development opportunities in its pipeline.

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Lease
  • ◦Sale/Acquisition
  • ◦Development
  • ◦Financing
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