Elite Real Estate Group has acquired two Edmonton apartment buildings from Boardwalk REIT in a $37-million, off-market deal.

Tower Hill and The Palisades are two concrete highrise rental buildings with a combined 176 units within about 300 metres of each other in downtown Edmonton. They sit at the doorstep of the Edmonton River Valley, the Legislature Grounds and other landmarks while providing access to major employers, services and the city's light rail transit system.

Edmonton-based Elite was attracted to the locations, the buildings’ strong historical performance and the ability to achieve meaningful scale through a single acquisition. 

“This acquisition brings little inherent risk,” Elite vice-president Sahaj Chopra wrote in an email interview with RENX. 

“Regardless of economic cycles, high-quality rental housing in prime, supply-constrained locations remains essential and irreplaceable. That durability was a key consideration for us.”

Elite will add value to buildings

Millions of dollars had already been spent on creating hotel-inspired lobbies and modernizing amenities, but Chopra said Elite plans to invest more to upgrade units and enhance amenities. 

“Our value-add approach is not limited to physical improvements,” Chopra elaborated. “We equally focus on operational enhancements, with a goal to ultimately improve the resident experience.”

The two apartment buildings fit well with Elite’s investment thesis, which focuses on acquiring, developing and operating assets with strong historical performance, clear future relevance and durable fundamentals over a 20-year horizon. 

“We are not a merchant builder or short-term trader,” Chopra said. “Elite is a long-term owner that continually reinvests capital into assets we believe in. These properties fit that model.”

Retail and multifamily acquisitions 

Elite has historically been an active purchaser of Alberta retail assets and has more recently been building a multifamily portfolio. It has completed over $120 million in Edmonton acquisitions, split evenly between the two asset classes, over the past 12 months.

“A significant driver of our growth has been our reputation for execution, certainty and strong relationships,” Chopra said. “We have built a reputation as closers, not speculative buyers. 

“That's why vendors and brokers love dealing with us. A sophisticated vendor understands that maximizing outcome is not about chasing the last dollar, but about certainty of close, speed and respect for their time.” 

Elite’s 2025 Edmonton acquisitions included:

• Whitemud Crossing, a 93,000-square-foot retail centre on more than eight acres of land on Whitemud Drive, which was purchased for $23.6 million from ReDev Properties;
• Concord Tower, a 101-unit rental building at the University of Alberta that was acquired for $19.65 million from GWL Realty Advisors;
• Summer Breeze Shopping Centre, a 53,000-square-foot mall on more than 4.4 acres of land at the intersection of Whitemud Drive and Calgary Trail;
• and Coast Home Centre, a 60,000-square-foot shopping centre on 4.2 acres at 10804 170 St. 

Future acquisitions, and ongoing development

Elite now has over $575 million in assets under management and is evaluating new acquisition opportunities that align with its long-term objectives, operational strengths and portfolio strategy.

“As the portfolio grows, so does our operational leverage and market presence,” Chopra noted. “We intend to continue expanding across both sectors within Alberta, remaining highly selective, nimble and disciplined. 

“Elite has no plans of offloading. Our focus is the exact opposite: grow by investing our capital into assets with sound fundamentals and a clear path to value creation.”

On the development side, Elite will complete the final phase of a five-acre retail development in southwest Edmonton called Elite Centre Chappelle this spring. 

Elite’s multifamily developments have scaled from zero to 406 units in approximately 18 months and it’s actively working toward surpassing 1,000. 

“Our focus is on properties of 100 units or more, which allows us to achieve meaningful operational scale and back-end efficiency,” Chopra said.