Boardwalk to Buy 1,324 Units for $60.8 Million.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 21, 1997--Boardwalk Equities Inc. ("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. " - TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. ) is pleased to announce it has entered into eight separate contracts to acquire a total of 1,324 multi-family units for a combined consideration of $60.8 million. The purchases, all within Boardwalk's existing markets of Calgary, Edmonton, Regina and Saskatoon Saskatoon (săskət  n`), city (1991 pop. 186,058), S central Sask., Canada, on the South Saskatchewan River. , are scheduled to close prior to
Jan. 30, 1998, and are to be financed through a combination of cash from
existing sources, the assumption of mortgage financing and the placement
of new mortgage financing as necessary.
Management is extremely pleased with these purchases, which carry an effective cost of less than $45,900 per unit, or approximately $54.38 per net rentable s.f. for the total 1,118,000 s.f. involved in the transactions. Some of the more specific acquisitions, by location, include: - Calgary - A total of 438 units in two well located highrises and one garden apartment project. - Edmonton - A total of 653 units in three garden apartment projects, with 424 units in one major project in southwest Edmonton. - Regina - A 150 unit townhouse town·house or town house n. 1. A residence in a city. 2. A row house, especially a fashionable one. project comprising all three bedroom suites; and - Saskatoon - A well located, 83 unit highrise building. These acquisitions increase Boardwalk's total portfolio to over 13,700 units with a net rentable area of over 11,700,000 s.f. The Company continues to evaluate a number of potentially accretive acquisition Accretive Acquisition An acquisition that will increase the acquiring company's EPS. Notes: As they are expected to increase the acquiring company's future earnings, these acquisitions tend to be favorable for the company's market price. opportunities within its proven markets, where vacancies continue to trend downwards due to strengthening local and regional economies. 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. Boardwalk owns or has contracted to acquire over 13,700 units representing 11,700,000 net rentable square feet. Fax back information service is also available at (403) 531-9321. Information can also be found on the Internet at http://www.bwalk.com CONTACT: Boardwalk Equities Inc. Sam Kolias, 403/531-9123 http://www.bwalk.com or Boardwalk Equities Inc. George Reti RETI - RTI , 403/531-9123 or Boardwalk Equities Inc. Massimo Geremia, 403/531-9123 |
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