Canadian Apartment Properties Real Estate Investment Trust has acquired a portfolio of thirteen manufactured housing communities in Ontario, Alberta and British Columbia totaling 1,104 sites. CAPREIT paid $66.4 million for the portfolio, funded by its Acquisition and Operating credit facility.
The Ontario properties total 407 sites in six locations in Port Elgin, Eden, Lindsay, Dunsford, Cobourg and Thunder Bay, significantly expanding CAPREIT’s presence in the Ontario MHC business. A number of the new properties are located close to CAPREIT’s current communities. Occupancy for the Ontario portfolio stood at 100% on closing.
The Western Canada properties total 615 sites in six properties in Cold Lake, Brooks, Wainright and Lac La Biche, Alberta, and one property with 82 sites located in Westbank near West Kelowna, British Columbia. A number of the acquired properties include vacant land on which new sites can be added over time. Occupancy for the Western Canadian portfolio stood at 84% on closing.
“We are very pleased to be expanding our presence in the Canadian MHC business,” commented Mark Kenney, President and Chief Operating Officer. “Our growing MHC portfolio provides steady, stable and growing long-term cash flows with minimal capital expenditures. We look to continue expanding this highly accretive aspect of our business going forward.”