Boardwalk Sells 536 Edmonton Apartments For $106.5M
Boardwalk REIT is selling three Edmonton apartment communities for $106.5M, pushing its property dispositions this year to nearly $629M as the landlord increasingly finds value in selling older buildings rather than developing new ones.
The transaction involves Northridge Estates, Parkview Estates and Riverview Plaza, which contain a combined 536 suites. Boardwalk disclosed the sale in its third-quarter results, with closing listed for November. The buyer was not identified.
The deal follows a series of dispositions across Canada, including the recent sale of eight apartment properties in Grande Prairie, Alta., for $30.2M.
Boardwalk has now disclosed $628.7M in property sales this year, shedding more than 2,800 suites as it redirects capital toward debt reduction, selective acquisitions and repurchasing its own units.
CEO Sam Kolias says higher financing costs, increased vacancies and lower achievable rents have made new apartment development considerably more challenging.
The pressure extends across the country, with recent Yardi data showing annual apartment rent growth has slowed to its lowest level since 2020.
Boardwalk has spent nearly $245M repurchasing its units this year. Despite the Edmonton dispositions, the city remains its largest market.
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