Boardwalk Buys 685 More Units for $31.4 Million.

CALGARY, ALBERTA--(BUSINESS WIRE)--June 4, 1997--Boardwalk (TSE, Alberta Stock Exchange BEI.) Boardwalk Equities Inc. ("BEI" - TSE, ASE) is pleased to announce the acquisition of an additional 685 multi-residential units for a combined consideration of $31,386,000.

The addition of these properties adds some 648,000 net rentable s.f. to the Boardwalk portfolio and all have a closing adjustment date of May 31, 1997.

Details of these newest acquisitions are as follows:

- A 120 unit garden apartment building located in northeast Calgary, consisting of 90,246 net rentable s.f. on a 3.74 acre site, was purchased for $5,100,000. Terms include cash to a new mortgage of $4,335,000 for a one year term at 4.41 percent.

- A 207 unit stacked townhouse project, comprising 213,264 net rentable s.f. situated on a 9.4 acre site located directly opposite the recently expanded Peter Lougheed Hospital in northeast Calgary, was purchased for $10,150,000. Terms include cash to the assumption of existing mortgages of $6,300,000.

- A 156 unit garden apartment building containing 123,000 net rentable s.f. on a 2.89 acre site in southeast Saskatoon in close proximity to Diefenbaker Park. This project was acquired for $6,100,000 and is to be financed through conventional mortgage funding.

- A 142 unit townhouse project in southwest Edmonton, containing 170,969 net rentable s.f. on 7.7 acres overlooking the Saskatchewan River Valley, was purchased for $8,036,000 utilizing cash to existing financing of $7,236,000.

- A 60 unit garden apartment project containing 50,250 net rentable s.f., positioned on a 0.97 acre site in West Edmonton, was acquired for $2,000,000. Terms include cash to existing financing of $1,828,000.

These new purchases further underscore Boardwalk's position in the Western Canadian multi-family marketplace, and provide additional regional diversity in improving economic environments. Boardwalk continues to explore new acquisition opportunities in major cities in Alberta and Saskatchewan.

Boardwalk Equities Inc. is a customer oriented, technologically advanced real estate company specializing in the acquisition, management and ownership conversion of multi-family residential projects throughout Western Canada. The Company currently owns over 8,700 residential units in major cities in Alberta and Saskatchewan, with a total net rentable area of over 7,500,000 s.f. in its portfolio. Fax back information service is also available at [phone]. Information can also be found on the Internet at http://www.bwalk.com . -0-

The Toronto and the Alberta Stock Exchange have neither approved nor disapproved the information contained herein.

CONTACT: Boardwalk Equities Inc.

Sam Kolias, 403/531-9255

or

Boardwalk Equities Inc.

George Reti, 403/531-9255

or

Boardwalk Equities Inc.

Kevin Screpnechuk, 403/531-9255

or

Boardwalk Equities Inc.

Massimo Geremia, 403/531-9255 REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or