Expanding to Greater TorontoPublished: March 14, 2019
Boardwalk is pleased to announce its first development in the Greater Toronto Area with a 365 unit, two tower residential community in Brampton, Ontario. Located near the downtown area across from the city’s GO Transit station, the new apartment community is a joint-venture arrangement with Redwood Properties, a Toronto-area best-in-class developer specializing in the construction of high-rise apartment buildings and the development of large-scale master planned communities.
Sam Kolias; Chairman and Chief Executive Officer of Boardwalk REIT commented: “We are pleased to announce the Trust’s first development in the Greater Toronto Area, with a landmark, transit oriented, two-tower joint venture development in Brampton, Ontario. I am so proud of the evolution our team, service and product have made through this re-balancing of the rental market. We are positioned better than ever to deliver the best product quality, service and experience.”
The joint-venture was formalized in December of 2018, and will construct, own and operate on a 50-50 basis, a mixed use residential development. Boardwalk is proud to welcome Redwood Properties as one of its newest strategic partners.
Rob Geremia; President of Boardwalk REIT added: “The addition of newly constructed rental communities in a new target market is consistent with the Trust’s long-term strategy of diversifying its portfolio. This new development provides a measured, high quality entry into the Greater Toronto Area.”
The first and second towers are estimated to be completed in 2022 and 2023 with stabilization of the entire development occurring in 2024. Boardwalk will act on behalf of the partnership as the operating partner once construction is complete.