Boardwalk REIT and Desjardins Launch $292 Million Real Estate Partnership

The venture launches with an initial seed portfolio comprising four properties: BRIO and Elbow 5 Eight in Calgary, alongside The Vue and Aurora in Victoria. Under the agreement, the Desjardins Global Asset Management (DGAM) fund acquires a 50% interest in these assets for $146 million. The portfolio is valued at approximately $446,000 per suite, with an occupancy rate of 96.9% recorded as of late July 2026.

Boardwalk will retain a 50% stake and continue to oversee day-to-day property management, earning a 4.25% fee on effective gross income. According to Boardwalk CEO Sam Kolias, the partnership secures necessary growth capital while allowing the trust to maintain its existing management strategy. Richard Dansereau, Managing Director at Desjardins, noted that the deal aligns with the firm’s strategy of securing high-quality real estate assets through partnerships with established operators. Both parties intend to leverage this structure to pursue future core-plus acquisitions, dependent on prevailing market conditions.