Boardwalk REIT has agreed to acquire a three-tower apartment-rental property in Laval, Que., for $249 million.

The proposed purchase of the Central Parc 1, 2 and 3 multi-family site was part of $273.1 million in transaction activity, including debt assumption, conducted by the Calgary-based REIT. Boardwalk is also selling two Edmonton apartment properties as part of the proposed deals.,

The three concrete Central Parc towers, built between 2019 and 2022, comprise 541 suites with an average size of 942 square feet. The purchase price works out to about $460,000 per suite at a going-in cap rate of 4.5%.

Boardwalk will assume $178.2 million in Canada Mortgage and Housing Corporation financing with an average interest rate of 1.56% and 3.2 years remaining. Central Parc 2 and 3 were financed under CMHC’s Rental Construction Financing Initiative, with affordability maintained on 91 units. The deal is expected to close in late September 2025.

“This addition marks further progress on our capital upcycling initiatives and significantly expands our presence in Greater Montreal, a desirable market for the trust that continues to exhibit strength, resilience and relative affordability,” said Sam Kolias, chairman and CEO of Boardwalk. “This community allows us to offer our Resident Members unmatched affordable luxury at an average in-place rent of approximately $2,225, with a unique product offering for the surrounding area.”

Meanwhile, Boardwalk is selling two older Edmonton communities—Westmoreland Apartments and Lorelei House—totalling 134 suites for $24.1 million, or about $180,000 per suite. The sale is also scheduled to close in September.

Boardwalk expects the acquisitions and dispositions to increase funds from operations per unit by $0.02 for the remainder of 2025 and by about $0.07 for 2026.

The latter figures are slightly above the REIT’s previously announced guidance for the two years.

Pictured: Central Parc 1, 2 and 3 in Laval, Que.

Photo: Apartments.com