Boardwalk REIT has sold three apartment communities in Quebec City for a combined $97 million.

The properties—Place Charlesbourg, Place Chamonix and Place Samuel de Champlain—comprise 484 suites and were sold at approximately $200,000 per unit as part of the trust’s ongoing capital recycling program.

The trust also completed the sale of Valley Ridge Tower in Edmonton for $8 million. The 49-suite asset traded at roughly $163,000 per unit.

Two separate buyers purchased the Quebec City portfolio and Edmonton asset, respectively, Boardwalk announced in an update on its capital-allocation initiatives and leasing performance.

Sam Kolias, Calgary-based Boardwalk’s chairman and CEO, said the REIT continues to source capital actively from dispositions at private-market valuations that are in line with International Financial Reporting Standards (IFRS) values.

“Throughout the first quarter of 2026, we have prioritized redeployment into our normal-course issuer bid (NCIB) which is currently providing an exceptional opportunity to purchase our own high-quality portfolio at a significant discount to net asset value (NAV),” said Kolias.

Boardwalk reported same-property portfolio occupancy of 97.1% as of April 2026, reflecting continued stability in leasing performance.

“While we continue to see more choice at the higher price points, our significant reinvestment in our communities over the last several years provides an exceptional value proposition to our stakeholders,” said Kolias. “The trust remains well-positioned with our largest market of Alberta leading the country in economic growth, having the lowest debt-to-GDP and having some of the best affordability in the country.”

Boardwalk reported same-property portfolio occupancy of 97.1% as of April 2026, reflecting continued stability in leasing performance.

Pictured: Place Charlesbourg in Quebec City:

Photo: YouTube/Boardwalk REIT