A Calgary-based real estate investment has purchased a 641-unit apartment portfolio centred in Regina, Saskatchewan, for $71.85 million.
Boardwalk Real Estate Investment Trust announced this week it would be selling its multi-family portfolio formally known as Boardwalk Estates to Mainstreet Equity Corporation. The sale includes 49 properties across Parliament Avenue, Retallack, Rae, Smith, Rose and Alexandra Streets. The portfolio is a mix of walk-up and townhouse buildings. The units sold for an average of $112,000 per suite.
The transaction also included approximately two acres of unused land and a warehouse.
“The continuation of our strategic partnership with Mainstreet has provided a win-win relationship where Mainstreet is able to further enhance value in providing high-quality mid-market apartments, while also providing Boardwalk strategic divestment opportunities,” said Sam Kolias, chairman and CEO of Boardwalk REIT.
Boardwalk Estates joins Mainstreet Equity Corporation’s 11,185 year-to-date units, across British Columbia, Alberta and Saskatchewan.
The sale is expected to close today (December 14, 2017).
