Boardwalk REIT has completed the acquisition of a new 295-unit Calgary apartment complex.

Boardwalk announced the completion of the Circle acquisition in its latest quarterly report. Calgary-based Boardwalk bought the complex for $77.8 million in conjunction with an upsized $251-million bought deal offering.

The REIT netted $240 million from the offering.

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 Circle, located in the Seton neighbourhood, for $77.8 million but only had approximately $69.8 million to close the transaction.

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.

While using some of the offering’s proceeds to finance the Circle acquisition, Boardwalk also used some of the funds to repay its portion of a floating-rate construction credit facility on the 45 Railroad property in Brampton., Ont.

“With increased liquidity, the trust remains well-positioned to fund future acquisition and development opportunities in its existing pipeline,” said Boardwalk.

The REIT focuses its investments on multi-family rental properties.