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.