Boardwalk REIT has closed on the upsized offering tied to its acquisition of a Calgary apartment complex.

Calgary-based Boardwalk, which focuses on rental apartments, announced that it closed on the offering at a price of $68.50 and generated about $101 million more than originally targeted. A syndicate of underwriters, bookrun by TD Securities Inc. and RBC Capital Markets, elected to exercise its over-allotment option in full.

The over-allotment resulted in a total of 3,662,750 units being issued for total gross proceeds of $250.90 million. Boardwalk initially aimed to raise $150 million before seeking to generate more capital after a strong show of investor interest.

The raise came after Boardwalk announced that it purchased the 295-unit Circle property in the Seton neighbourhood for $77.8 million and had approximately $69.8 million to close the transaction.