Elite Identified as Purchaser of Two Edmonton Apartment Buildings
Elite Real Estate Group has stated publicly that it is the purchaser of two Edmonton apartment buildings from Boardwalk REIT.
Earlier this month, Boardwalk announced that it had finalized the sale of the Tower Hill and the Pallisades assets for $37 million but did not identify the buyer. Built in 1964, the buildings have a combined total of 176 units.
The price equates to $210,000 per suite at a 4.7% cap rate.
Edmonton-headquartered Elite owns and manages about 1.5 million square feet of leased space in Alberta, with the majority comprising shopping centres.
Calgary-based Boardwalk announced the divestments in an update. At that time, the REIT said it had also closed on the sale of Terrace Garden Estates for $19.5 million, or $171,000 per suite, after releasing its third-quarter 2025 results. Built in 1977, the 114-unit property sold at a 5.9% cap.
Pictured: Tower Hill apartments in Edmonton.
Photo: Boardwalk REIT
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