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Toronto Multifamily

REIT Meets REIT. Huge Windsor Portfolio Changes Hands.

Boardwalk REIT is selling its portfolio of 1,685 Windsor apartment units, including at Buckingham Tower (above), to Skyline Apartment REIT for $136M. CEO Sam Kolias told the Financial Post the buyer (not disclosed by the trust but reported by the Post) made an unsolicited offer, “but we thought the price was a fair one.” Boardwalk owns and operates 220 communities with 34,000 units. The trust is reviewing select non-core properties with the intent of “high-grading” its portfolio by redeploying equity from the assets toward "value-enhancing transactions,” such as acquisitions, development and capital improvements. [FP]

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