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Alberta & Prairies  + Canada + Ontario  + Apartments  | 
Boardwalk REIT has completed the acquisition of a new Calgary apartment complex for $77.8 million.

Boardwalk Completes Circle Acquisition

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.


Inside The Story

Boardwalk REIT

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.

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  • ◦Sale/Acquisition
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  • ◦Financing
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