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- Boardwalk Real Estate Investment Trust (TSX:BEI.UN:CA) (OTCPK:BOWFF) said on Friday that the Canadian residential REIT is set to acquire Elbow 5 Eight, a 255-suite, newly built wood frame community in central Calgary’s Windsor Park for C$93M.
- The consideration equates to ~C$365,000 per suite and a cap rate upon lease-up of 5.75%.
- The under-construction community carries an anticipated possession date of Q1 2025, and the lease-up is expected to take about one year.
- Additionally, the company closed in June the purchase of Dawson Landing, a 63-suite, fully occupied, newly constructed townhome community in Chestermere for C$26.3M.
- The consideration represents ~C$417,000 per suite and an estimated going-in cap rate of 5.0%.
- Also, BOWFF closed the deal for The Brenda, a 6-unit walk-up community in Britannia in Calgary for about C$1.9M in the previous month.
- Source: Press Release