Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has expanded its manufactured housing portfolio with 169 sites across three properties in the province of Ontario, Canada. The Canadian REIT spent $6.9 million for the 63-site Leeshore Estates in Midland, the 60-site The Espanola Mobile Home Park in Espanola and the 46-site Turnberry Estates in Wingham. The transaction was funded by cash and included the assumption of roughly $3.1 million in existing loans.
Located at 525 Midland Point Road on roughly 13 acres, Leeshore Estates is situated some 3 miles from dining and retail choices. Residents have access to the waters of Midland Bay through the private beach and docks. The Espanola Mobile Home Park is situated at 2300 Lee Valley Road on almost 13 acres and is less than a mile from Espanola Regional Hospital and Health Centre as well as close to several retail and dining options. The third community, Turnberry Estates, is located on approximately 21 acres at 39724 Amberley Road and features a community center and an outdoor swimming pool.
The manufactured housing sector is weathering the pandemic better than other asset classes and more institutional investors are taking notice of this trend. In mid-September, Blackstone was in talks to acquire a 40-park portfolio located mostly in Florida, from Summit Communities.