NR 07:58 AM EDT, 07/06/2021 (MT Newswires) -- Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) overnight Monday said it has completed the acquisition of two manufactured housing community (MHC) properties containing 342 sites in the town of Lakeshore close to Windsor, Ontario. CAPREIT paid approximately $20.6 million for the two properties, funded by cash and the assumption of a $8.6 million mortgage maturing in October 2025. There were only two vacant sites in one of the properties at closing.
Both properties are close to Lake St. Clair and have close economic ties to Windsor, Ontario with a short 15-minute drive to the city and the US border. Both properties have well-established infrastructure and are located along major transportation arteries, the REIT noted.
"We continue to grow our presence in the strong MHC business, a sector that provides unitholders with solid, lower risk and accretive returns," said Mark Kenney, President and CEO. "Revenues are highly stable, and with residents owning their own homes, capital requirements and maintenance needs are significantly reduced. In addition, with home ownership costs rising significantly across the country, MHCs provide a real alternative to families and seniors looking for a more affordable place to live."
Price: 59.07, Change: +0.45, Percent Change: +0.77