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Boardwalk Selling Three Edmonton Apartment Properties for $56.5M
Boardwalk is in the process of selling three Edmonton apartment properties for $56.5 million, the REIT announced in an update.
Boardwalk said it has closed on the sale of Terrace Garden Estates for $19.5 million, or $171,000 per suite, after releasing its third-quarter 2025 results. Built in 1977, the 114-unit property sold at a 5.9% cap.
The REIT also finalized the sales of Tower Hill and the Pallisades apartment buildings for $37 million. Built in 1964, the buildings have a combined total of 176 units. The price equates to $210,000 per suite at a 4.7% cap rate.
The sales are expected to close later this month.
Boardwalk Chairman and CEO Sam Kolias said the REIT continues to prioritize proceeds from dispositions at or near net asset value to buy back stock through its normal-course issuer bid representing a discount to NAV and investing free cash flow into value-add capital to maximize free cash flow and maintain a strong balance sheet.
Pictured: Tower Hill apartments in Edmonton.
Photo: Boardwalk REIT
