Boardwalk sold a 50% stake in four Calgary and Victoria apartment communities for about $146 million while retaining operations, adding fee income, and framing the partnership as a platform for future Western Canada growth.
Boardwalk Real Estate Investment Trust said it has finalized a strategic co-ownership with DGAM Canadian Private Real Estate Fund, L.P., managed by Desjardins Global Asset Management, centered on four multifamily communities in Calgary and Victoria. The seed portfolio has an implied gross value of about $292 million, or about $173 million net of existing mortgages, and DGAM is acquiring a 50% interest for about $146 million, or about $86.5 million net of assumed mortgages. Boardwalk retains a 50% stake and day-to-day operating control, and said it will earn property management and administrative fees equal to 4.25% of effective gross income, adding about 25 basis points to yields on its proportionate investment. The portfolio comprises BRIO, Elbow 5 Eight, The Vue and Aurora, with 328 suites on a proportionate interest basis, an implied price of about $446,000 per suite, an exit cap rate of about 4.7%, and occupancy of 96.9% as of late July 2026. In its Q2 2026 results, Boardwalk said the transaction gives it a well-capitalized partner for future Western Canada growth while preserving balance-sheet flexibility, and reiterated 2026 guidance after reporting Q2 FFO per unit of $1.19, up 2.6%, and NOI of $107.2 million, up 2.9%.