Boardwalk Surpasses 10,000 Unit Mark and Announces Strategic Property Sale.

CALGARY, ALBERTA--(BUSINESS WIRE)--Aug. 18, 1997--Boardwalk Equities I(TSE;ASE BEI ) Boardwalk Equities Inc. ("BEI" - TSE, ASE) is pleased to announce the acquisition of an additional 559 multi-family residential units located in the City of Edmonton for a combined consideration of $30.3 million. The purchase of these properties adds 578,000 net rentable sq.ft. to the Boardwalk portfolio at a value added blended purchase price of $52 per net rentable sq.ft. The details of these acquisitions are as follows:

- A 241 unit twin highrise apartment complex, strategically located in proximity to a major regional shopping centre. This site, comprising approximately 257,000 net rentable sq. ft. and situated on 4.2 acres, was acquired for $15.11 million with a scheduled closing date of September 15, 1997.

- 192 units located in the Edmonton district of Millwoods. The property is situated on 9.14 acres and has a total rentable area of approximately 212,000 sq.ft. The acquisition price for this property was $9 million, with the possession date scheduled for September 30, 1997.

- An 85 unit concrete highrise apartment acquired for $4.03 million. The project is located in close proximity to the University of Alberta and consists of approximately 66,000 net rentable sq.ft. located on an 0.86 acre parcel of land. The scheduled closing date is August 29, 1997.

- A 41 unit townhouse complex located in West Edmonton. This project is strategically situated near the West Edmonton Mall site, and covers over 2.3 acres. The site has 43,000 net rentable sq.ft. and was acquired for $2.25 million with a closing date scheduled for August 29, 1997.

These new purchases, which are now all unconditional, further strengthen Boardwalk's position in the Western Canada multi-family residential marketplace. Boardwalk continues to explore new additions and opportunities in Alberta and Saskatchewan where there are overall low vacancy levels.

Boardwalk Equities Inc. also announces the strategic sale of a 160 unit townhouse complex in Calgary for a sale price of $12 million. This transaction is scheduled to close in the first quarter of the 1998 fiscal year and will result in a gain to the Corporation.

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 and is under contract to acquire approximately 10,100 residential units in major cities in Alberta and Saskatchewan with a total net rentable area of over 8.7 million sq.ft. in its portfolio.

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

CONTACT: Boardwalk Equities Inc.

Sam Kolias, 403/ 531-9123

http://www.bwalk.com

or

Boardwalk Equities Inc.

George Reti, 403/ 531-9123

or

Boardwalk Equities Inc.

Kevin Screpnechuk, 403/ 531-9123

or

Boardwalk Equities Inc.

Massimo Geremia, 403/ 531-9123