Boardwalk REIT has agreed to acquire the remaining 50% interest in the Brio apartment complex joint-venture in northwest Calgary for $37.4 million.

The REIT said it finalized the purchase agreement in the first quarter. Calgary-based Boardwalk and RioCan REIT have co-owned the 162-unit multi-family rental tower in the Brentwood area since partnering on the property’s development in 2019. The proposed transaction is expected to close in the third quarter of 2025.

“The trust continues to be active in the private market in sourcing proceeds from non-core assets sales that can be recycled toward accretive opportunities, including potential buyback or unique acquisition opportunities,” said Boardwalk in its latest quarterly report.

Toronto-based RioCan focuses its investments on retail and mixed-use assets.

Boardwalk said it expects ongoing growth through the rest of 2025 as demand for affordable multi-family housing remains strong.

“We continue to further improve the outstanding quality of our portfolio through our best-in-class value add capital program, as well as our capital recycling initiatives,” said Sam Kolias, chairman and CEO of Boardwalk.

Pictured: The Brio apartment complex in northwest Calgary.

Image: Boardwalk REIT

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