- What Boardwalk has purchased a 255-suite community in Calgary
- Why REIT closed on its two purchases in the area
- What next Newly purchased property’s possession date will be Q1 2025
Boardwalk Real Estate Investment Trust has bought a 255-suite community in Calgary for $93m.
The property, known as Elbow 5 Eight, is a newly built wood-frame community in the Windsor Park neighbourhood. Amenities include condo-quality finishes, a lounge, a gym and a rooftop patio.
The purchase price equates to $365,000 per suite and a 5.75% capitalization rate upon lease-up.
The possession date of the property is anticipated to be in the first quarter of next year. The REIT expects the lease-up to take one year.
The Calgary-based REIT also closed on its purchases of two communities near Calgary.
The REIT closed on its $26.3m purchase of Dawson’s Landing in Chestermere, equating to $417,000 per suite and a 5.0% going-in cap rate.
The property has one- to three-bedroom layouts. Each townhouse includes a two-car garage. Amenities include an in-suite laundry and balconies.
The REIT also closed on its $1.9m deal for the six-unit Brenda in the Britannia neighborhood.
