Boardwalk Nears 6,000 Unit Mark with Recent Purchases.CALGARY, Alberta--(BUSINESS WIRE)--Jan. 15, 1997--Boardwalk Equities (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). BEI Bei (pā, bā), river, c.200 mi (320 km) long, formed by the union of two headstreams in the Nanling Mts., N Guangdong prov., S China. It flows S into the Xi River, E of Guangzhou, to form the Pearl River delta. .) Boardwalk Equities Inc. announces the acquisition of an additional 688 multi-family units to its portfolio, for combined consideration of $24,710,000. The purchases, representing five separate transactions, all with arm's length arm's length adj. the description of an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete control of the other. vendors, are to be completed through a combination of cash and assumption of existing mortgages. Closing of all purchases is scheduled to occur prior to the Company's fiscal year end on May 31, 1997. Terms and details of the individual acquisitions are as follows: - A 75 unit elevatored building with heated underground parking, located in Calgary, was purchased on January 1, 1997 for $3,350,000. New first mortgage financing in the amount of $2,847,500 has been arranged with Sun Life, for a five year term, at an interest rate of 5.99 percent. - A 68 unit garden apartment project located in Airdrie, Alberta Airdrie (2006 city population 28,927; UA 28,892) is a city in Alberta, Canada, located just north of Calgary within the Calgary-Edmonton Corridor. It is part of Calgary's Census Metropolitan Area (Pop. , a bedroom community 20 minutes north of Calgary, will be purchased for $2,210,000 with closing anticipated to occur on January 31, 1997. A new first mortgage of $1,878,500 has been arranged with Sun Life, for a five year term, at an interest rate of 5.99 percent. - A 255 unit townhouse town·house or town house n. 1. A residence in a city. 2. A row house, especially a fashionable one. project in West Edmonton, on a 15 acre site, will be purchased for $9,500,000 with a closing anticipated to occur on January 31, 1997. Existing mortgages of $7,122,000 are to be assumed with the balance to be paid in cash. - A 172 unit garden apartment development in Southwest Edmonton, adjoining the Derrick Golf and Country Club will be acquired for $4,750,000, with closing anticipated to occur on February 14, 1997. A new mortgage of $4,037,500 has been arranged with the Toronto- Dominion Bank, for a five year term, at 5.84 percent. - A 118 unit elevatored high rise building, overlooking the river valley in Central Edmonton, will be purchased for $4,900,000 with closing anticipated to occur on May 1, 1997. This acquisition is to be financed with a new first mortgage with Sun Life at 6.1 percent for a five year term. The Company is pleased with these new purchases, which carry an advantageous base cost averaging less than $35,900 per unit. With confirmed interest rates on some buildings, it is anticipated that equity yields will be enhanced at closing. The buoyant Alberta economy, coupled with declining vacancy rates, bodes well for the future of the Alberta rental market. Boardwalk Equities Inc. is a customer oriented, technologically advanced real estate company specializing in the acquisition, management and ownership conversion of multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. projects throughout Western Canada
Western Canada, commonly referred to as the West . With these acquisitions, the company will own over 5,800 residential units in major cities of Alberta and Saskatchewan. Fax back information service is also available at (403) 531-9321. Information can also be found on the Internet at http://www.bwalk.com The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and The Alberta Stock Exchange have neither approved nor disapproved the information contained herein. CONTACT: Boardwalk Equities Inc. Sam Kolias, 403/ 531-9255 http://www.bwalk.com or Boardwalk Equities Inc. Geroge Reti RETI - RTI , 403/ 531-9255 http://www.bwalk.com or Boardwalk Equities Inc. Kevin Screpnechuk, 403/ 531-9255 http://www.bwalk.com or Boardwalk Equities Inc. Massimo Geremia, 403/ 531-9255 http://www.bwalk.com |
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