Boardwalk REIT Swings Many Deals in First Quarter

Boardwalk REIT Swings Many Deals in First Quarter
News| May 21, 2026| Monte Stewart
Canada + Apartment Buildings

Boardwalk REIT’s investment and divestments specialists kept themselves busy during the first quarter, swing several deals.

The REIT completed the sale of eight non-core apartment communities in Edmonton; Longueuil, Que., Brossard, Que., and Quebec City comprising 989 suites, generating gross proceeds of $189 million.

As Connect reported previously, following the end of the quarter, the trust also finalized the sale of five additional communities in Edmonton, Regina and Saskatoon totalling 563 suites for gross proceeds of $117 million. Net proceeds from the 13-property disposition program amounted to approximately $158.7 million after existing mortgages.

Boardwalk said it has increased its 2026 asset sale target to between $400 million and $500 million as part of a broader capital-allocation strategy that also includes aggressive unit repurchases. Through April, the REIT invested $102.3 million to repurchase and cancel more than 1.55 million trust units at an average price of $65.92 per unit.

The Calgary-based apartment owner reported first-quarter funds from operations of $1.15 per unit, up 8.5% from a year earlier, while net operating income rose 10% to $106.2 million. Same-property NOI increased 6.8% to $101.4 million.

Occupancy across the portfolio averaged 97.3% during the quarter. Boardwalk said demand remained strongest in affordable rental markets, particularly in Alberta, where Edmonton continues to offer some of the lowest rents among major Canadian cities.

Boardwalk ended the quarter with approximately $434.9 million in available liquidity.

As Connect previously reporte, Boardwalk has also increased its full-year asset-sale target to between $400 million and $500 million.

Pictured: The Edge apartment tower in Edmonton.

Photo: Boardwalk REIT

Other News

Development Site Trades within Atlantic Avenue Mixed-Use Plan

New York & Tri-State + Apartment Buildings

Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...

Learn more

Fourth Sale Closes in Anaheim Multifamily Portfolio

California & West + Apartment Buildings

Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...

Learn more

JLL Arranges $135M Financing for Luxury Multifamily in Yonkers

New York & Tri-State + Apartment Buildings

JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up