Canadian real estate investment trust company Boardwalk REIT plans to pay $66.5 million for property assets in Calgary.
The four-building portfolio, with 299-units, includes Dorsett Square, Randal House, Beddington Court and Village Vale with a purchase price at about $222,000 per door and $217 per square foot.
Three of the assets are located in close proximity to existing Boardwalk communities, representing an opportunity to achieve significant operating efficiency and opportunistic acquisition within Boardwalk REIT’s core market which provides growth and a value-add opportunity in the early stages of a rental market improvement in Alberta.
Boardwalk REIT generated a total rental revenue of $108.8 million in the third quarter. It anticipates the closing of the deal to take place on or around November 27.