Boardwalk Real Estate Investment Trust and the DGAM Canadian Private Real Estate Fund, managed by Desjardins Global Asset Management, have formed a strategic co-ownership focused on acquiring multifamily communities across Western Canada.
The partnership is launching with a four-property portfolio valued at approximately C$292 million ($207 million), or C$173 million ($123 million) net of existing mortgages. The portfolio includes BRIO and Elbow 5 Eight in Calgary, Alberta, and The Vue and Aurora in Victoria, British Columbia.
DGAM Real Estate Fund will acquire a 50 percent interest in the portfolio for approximately C$146 million ($104 million), or C$86.5 million ($61.3 million) net of existing mortgages assumed. The transaction implies a gross portfolio value of approximately C$446,000 ($316,000) per unit.
The portfolio is being seeded at an implied capitalization rate of approximately 4.7 percent and had an occupancy rate of 96.9 percent as of late July 2026.
