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Alberta & Prairies  + Canada + Cross Border News  + Apartments  | 

Boardwalk to Develop Marda Loop MF Project

Boardwalk REIT plans to develop a 135-unit rental residential project in the Marda Loop area of southwest Calgary.

The Calgary-based REIT, which focuses on multi-family real estate investments, said in its quarterly report that it has removed conditions on the $12-million purchase of development land for the project.

Boardwalk is looking to capitalize on the property’s close proximity to Mount Royal University and access to the University of Calgary, downtown and 17th Avenue, which traverses the city.

The REIT said it will continue to progress with the site’s development permit approvals.

“With its 45 Railroad project in Brampton nearing stabilization, the trust views this as an opportunity to augment and replenish its future development pipeline on a small scale in an irreplaceable location,” said Boardwalk in a news release accompanying the quarterly report.

Sam Kolias, Boardwalk’s chairman and CEO, has traditionally steered the REIT clear of development projects. But Boardwalk has tweaked its strategy in recent months because of surging apartment demand.

In addition to developing the Brampton and Calgary assets, Boardwalk has started to develop a project in Victoria.


Inside The Story

Boardwalk REITSam Kolias

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Lease
  • ◦Sale/Acquisition
  • ◦Development
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