Boardwalk REIT has agreed to purchase a new 255-unit apartment building in Calgary and completed the purchases of two other multi-residential properties in and near the city.

The assets are priced at $121.2 million altogether.

The REIT announced that it has a purchase agreement in place for Elbow 5 Eight, a newly built 255-unit complex in Calgary’s Britannia area near Chinook Centre, for $93 million. The purchase price equates to $365,000 per suite and a market capitalization rate of 5.75%.

Boardwalk has completed the $26.3-million acquisition of Dawson Landing, a 63-unit fully-occupied newly constructed townhome rental complex Chestermere, which is located a short drive outside of Calgary’s eastern city limits. The price works out to $417,000 per unit and an estimated going-in cap rate of 5%.

Boardwalk also closed on the acquisition of the Brenda, a newly constructed fully occupied six-unit walk-up community in Calgary’s Britannia area for about $1.9 million. The REIT anticipates that, upon completion, the Brenda will be operated out of Elbow 5 Eight and provide interim holding income for a potential longer-term redevelopment opportunity.

When the Elbow 5 Eight acquisition closes, Calgary-based Boardwalk will have deployed the proceeds remaining from its upsized $250.9-million equity issuance in December 2023 to acquire newly built assets, said Sam Kolias, the REIT’s chairman and CEO, in a news release.

Pictured: Elbow 5 Eight apartment complex in Calgary’s Britannia area.

Photo: Skyrise Calgary