Boardwalk Sells 210-Unit Grande Prairie Portfolio For $30.2M
Boardwalk REIT has found another private-market buyer for a piece of its older apartment portfolio, selling eight Grande Prairie properties for $30.2M as it continues to recycle capital into its remaining assets and its own units.
The 210-suite Northern Lights portfolio closed in September at $144K per suite and a 7.4% exit cap rate. The buildings have a weighted average age of 1972, making the transaction a clear example of the kind of non-core real estate Boardwalk has been pruning from its portfolio.
The buyer was not disclosed.
JLL had marketed Northern Lights earlier this year without an asking price. The portfolio was 99% occupied and consists of Avondale, Bear Ridge Manor, Bear Ridge Place, Collegeview, Eagle Place, Grande Pointe, Hillcrest Heights and McKenzie Pointe. The properties are clustered within three kilometres of one another.
Boardwalk said the sale allows it to capitalize on strong private buyer interest in Grande Prairie without exiting the market, where it continues to own other communities.
The transaction brings Boardwalk’s 2026 dispositions to $522.2M across 2,291 suites, at an average $228K per unit and 5.2% cap rate. Northern Lights therefore traded well below the portfolio-wide per-suite average and at a substantially higher yield.
The sales are also feeding a broader capital-recycling strategy. Since November 2025, Boardwalk has spent $262.2M repurchasing more than four million of its own units, which it says were acquired at an approximately 30% discount to the underlying value of its portfolio.
Pictured: Grande Pointe at 9913 108 Ave. is one of eight Grande Prairie apartment properties sold by Boardwalk REIT.
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Rick Recckio
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Essex Property Trust, Inc.
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Josh A
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