Boardwalk REIT has announced a series of transactions covering rental-housing assets in Saskatchewan and Alberta.

Calgary-based Boardwalk is acquiring a portfolio of 235 suites in Saskatchewan for $71.1 million and finalizing the sale of an Edmonton apartment asset for about $28.8 million, as part of its capital-upcycling strategy.

In Saskatchewan, Boardwalk is acquiring three recently built townhome communities—Bravo and Kingspoint in Saskatoon and Parkplace in Regina—in an off-market deal set to close this month. The purchase includes a mix of newer units completed between 2019 and 2022. With the proposed agreement, Boardwalk has veered from its usual practice of trading apartment assets.

“The acquisition of these exciting communities allows us to expand our Boardwalk platform while creating value for unitholders through accretive upcycling of proceeds from dispositions into newer communities,” said Sam Kolias, Boardwalk’s chairman, president and CEO.

The deal equates to approximately $303,000 per suite and includes the assumption of $19.1 million in mortgages with an average interest rate of 2.35% and remaining terms of about 2.2 years.

In Edmonton, the REIT finalized the sale of its 138-suite Imperial Tower. The approximately $28.8-million deal equates to roughly $208,000 per suite. The sale, expected to close in August, was made at a slight premium to the property’s first-quarter 2025 IFRS value. The building carries a $10.7-million mortgage at a 4.49% interest rate.

Pictured: The Imperial Tower in Edmonton.

Photo: Boardwalk REIT