Boardwalk REIT has finalized the purchase of Elbow 5 Eight, a newly built 255-suite rental-apartment complex in Calgary’s Britannia neighbourhood.

The $93-million acquisition, equivalent to approximately $365,000 per suite, was funded through existing cash reserves.

Elbow 5 Eight offers modern amenities and is located within Chinook Centre, transit to downtown Calgary and key community hubs. The property is approximately 23% leased, with rental rates aligning with Boardwalk’s expectations.

Calgary-based Boardwalk focuses its investments on multi-family rental assets.

“The acquisition of this exciting new community strengthens our portfolio in an irreplaceable location while leveraging our operating platform and existing relationships to create exceptional value for our unitholders,” said Sam Kolias, Boardwalk’s chairman and CEO.

This acquisition strengthens Boardwalk’s presence in the Calgary rental market and expands its portfolio in a prime location.

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

Photo: Boardwalk REIT

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