Boardwalk, Desjardins Partner on Western Canada Apartment Investments

News| July 29, 2026| Monte Stewart

Boardwalk REIT and Desjardins Global Asset Management have launched a new joint-venture partnership whereby they will co-own multi-family properties across Western Canada, starting with a $292-million portfolio spanning assets in Calgary and the Victoria, B.C., area.

The strategic co-ownership begins with Boardwalk’s Brio and Elbow 5 Eight properties in Calgary and The Vue and Aurora in Greater Victoria. Desjardins’ Canadian Private Real Estate Fund will acquire a 50% interest in the portfolio, which Boardwalk already owns, for approximately $146 million, or $86.5 million net of assumed existing mortgages, implying a gross portfolio value of about $446,000 per suite. The portfolio had an occupancy rate of 96.9% in late July and was seeded at an implied capitalization rate of approximately 4.7%, said Boardwalk.

“This partnership represents a strong endorsement of Boardwalk’s operating platform, our communities, and our long-term approach to capital allocation,” said Sam Kolias, Boardwalk’s chairman and CEO. “We are delighted to partner with the DGAM Real Estate Fund, one of Canada’s most respected institutional investors, to establish a platform designed for long-term growth.”

The REIT will retain a 50% ownership stake while continuing to manage the properties. Boardwalk said the partnership will provide access to long-term institutional capital, generate recurring property-management and administrative-fee income, and preserve financial flexibility for future acquisitions.

The partners intend to expand the platform through additional acquisitions of apartment communities in Alberta and B.C., subject to market conditions. The agreement also gives both parties the right to participate in new multi-residential acquisitions within one kilometre of the initial portfolio properties.

“Canada’s multi-family sector continues to benefit from compelling long-term fundamentals, including affordability relative to home ownership, population growth, and increasing demand for high-quality rental housing,” said Kolias. “Through this partnership, Boardwalk gains an additional source of growth capital while maintaining the financial flexibility and disciplined capital allocation that have been hallmarks of our success.”

Boardwalk said the partnership supports its long-term capital allocation strategy by combining its operating platform and market expertise with institutional investment capital from Desjardins. The arrangement is designed to pursue additional multi-family investment opportunities while maintaining strategic flexibility for both organizations.

“This transaction reflects our approach to investing in high-quality real estate assets in major markets across Canada and partnering with best-in-class operators,” said Richard Dansereau, managing partner and head of real estate at Desjardins.

Pictured: Brio apartment complex in Calgary.

Photo: Courtesy of Boardwalk REIT