Boardwalk passes 8,000 unit mark with new acquisitions.

CALGARY, Alberta--(BUSINESS WIRE)--April 15, 1997--Boardwalk (TSE, Alberta Stock Exchange BEI.) Boardwalk Equities Inc. (BEI - TSE, ASE) is pleased to announce that it has now officially passed the 8,000 unit mark with the acquisition of an additional 437 multi-family units in four separate transactions with arm's length vendors. The purchases are for a combined consideration of $14,300,000, or the equivalent of approximately $32,800 per unit. Closing of all the purchases is scheduled to occur prior to the Company's fiscal year end of May 31, 1997.

Terms and details of the individual acquisitions are as follows:

- The purchase of the remaining 50 percent interest in an Edmonton highrise building of which Boardwalk had already committed to acquire the original 50 percent interest in an earlier announced transaction. The $2,210,000 consideration is to be paid on an all-cash basis, and is scheduled to close prior to the Corporation's year end of May 31, 1997, but can be closed as late as July 31, 1997. The project in question is a 100 unit high rise building overlooking the Saskatchewan River Valley in a desirable rental area near the downtown core.

- A 50 percent interest in a 144 unit multi-building project in the Oliver district of Edmonton. This 50 percent interest is to be acquired for consideration of $2,200,000 on an all-cash basis. This transaction is also scheduled to close prior to May 31, 1997, but may be closed as late as July 31, 1997. Boardwalk had previously contracted to acquire the other 50 percent interest.

- A 150 unit garden apartment building in Regina, Saskatchewan is to be acquired for $4,870,000 on May 1, 1997. Terms of the transaction are cash and the assumption of an existing mortgage of $3,675,000 at 7.97 percent, maturing July 1, 1998. The development consists of four air-conditioned buildings on a 5.0 acre site with an in-ground heated swimming pool. The project enjoys an established location close to all public amenities.

- The purchase of a Leasehold Interest in a 160 unit highrise building on the banks of the Elbow River, near downtown Calgary. This acquisition is for $5,050,000, to be financed on a cash to new conventional mortgage basis. Closing is scheduled for May 15, 1997.

These new purchases add approximately 330,000 net rentable s.f. to the Boardwalk portfolio, at a price of under $44.00 per s.f. Boardwalk is very pleased with these new projects, which represent prime rental facilities in improving rental markets 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 or has contracted to acquire over 8,200 residential units in major cities of Alberta and Saskatchewan, with total net rentable area of over 7,000,000 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 has neither approved nor disapproved the information contained herein.

CONTACT: Boardwalk Equities Inc.

Sam Kolias, 403/531-9255

403/531-9321 (Fax back)

http://www/.bwalk.com

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Boardwalk Equities Inc.

George Reti, 403/531-9255

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Boardwalk Equities Inc.

Kevin Screpnechuk, 403/531-9255

or

Boardwalk Equities Inc.

Massimo Geremia, 403/531-9255