Posts Tagged ‘canadian’

Canadian Firm Gobbling Up Dozens of Manufactured Home Communities

April 4th, 2019 Comments off


New Canadian Apartment Properties Real Estate Investment Trust CEO Mark Kenney isn’t wasting any time putting his stamp on the trust, announcing its second major purchase of manufactured homes communities (MHCs) in the past three weeks. The latest acquisition of 23 Canadian communities, comprising 3,469 pads, means the trust will have grown its MHC portfolio by 45 per cent in that short span,” said Real Estate News Exchange (RENX).


NBC News 29 said, “Mark Kenney has been appointed Chief Executive Officer of CAPREIT and as a member of CAPREIT’s board of trustees, effective March 27, 2019.”

MarketWatch reported on November 14, 2018 that “Canadian Apartment Properties Real Estate Investment Trust (CAR.UN) (“CAPREIT”) today announced that Mark Kenney has been appointed President of CAPREIT, in addition to his current role of Chief Operating Officer, effective today.”

The video posted below is a testimonial/plug for a service provider, but gives the reader a chance to see Kenny, here his voice, etc.



Bloomberg’s ticker reflects the following trends since November 14, 2018, when the executive change noted was announced.




We look to continue expanding this highly accretive aspect of our business going forward,” Kenney told RENX in an interview, speaking about manufactured home communities.

in March, CAPRIET announced a deal for 11 communities in Ontario, B.C. and Alberta. The trust’s portfolio will grow to some 11,166 sites in 68 communities when both transactions have closed.

Kenney said CAPREIT likes the manufactured home communities market for its steady cash flow and minimal capital costs.  That sums up the view of several who have done both multifamily apartments and manufactured home communities.




Funding the Deal

CAPREIT said they will be doing a $300-million share offering, issuing 6,125,000 shares at $49 per unit to a syndicate of underwriters led by RBC Capital Markets. That offering is expected to close by April 23, said RENX.

  • $116 million of those proceeds will fund the equity portion of the most recent purchase. CAPREIT stated it expects its debt ratio to remain unchanged, roughly 38 percent.
  • The most recent acquisitions of MHCs by the Canadian REIT are located in five provinces, but are concentrated in three regions: 47 per cent in Atlantic Canada, 23 per cent in Ontario and 30 per cent in Alberta. Occupancy stands at 95.4 per cent.
  • Beyond the equity funding, CAPREIT assumes $66 million in existing mortgages with a weighted average interest rate of 3.4 per cent and a weighted average term of 2-1/2 years. Closing is expected in May 2019, subject to approvals.

While the two nations have their clear differences, some of the dynamics in Canada for their manufactured homes and communities have some similarities to their southern neighbors in the United States.

The Daily Business News on MHProNews will be adding CAPREIT to its evening market report watchlist/closing ticker.



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Multi-Acre MH Expansion Approved, Residents Concerned

March 9th, 2017 Comments off

A Hynes Group Home. Credit: Concord Monitor.

In Allenstown, New Hampshire, officials have formally approved the sale of 166 acres of town-owned land to a Canada-based manufactured home developer, Hynes Group.

The company, which already manages the 300 unit Holiday Acres community in town, plans to expand it by an additional 210 units, which will be age-restricted.

Per the Concord Monitor, the Allenstown select board okayed the sale by a 2-1 vote this week, with selectman Jeff Gryval voting against the measure and selectmen David Eaton and Jason Tardiff in favor.

The Hynes Group says that the new homes will be larger than the current homes in the Holiday Acres community, with additional extras such as garages.

The major factor to take into the study was that it was age-restricted. And the impact of that is that it reduces the number of school-aged children dramatically,” said Russ Thibeault of Laconia-based Applied Economic Research.

Based on an estimated average valuation of $141,068, Thibeault says that the new development would add about $29 million in property value to the tax rolls, and Allenstown could expect a net increase of about $500,000 in new tax revenues once all the homes are built.


The entrance to Holiday Acres. Credit: Concord Monitor.

Thibeault’s analysis also projected about $1 million in revenues from one-time sewer and water hookup fees.

Mark Fougere, of Fougere Planning & Development Inc., in an analysis submitted to town officials, thought that the revenue number could be even higher.

The estimated positive fiscal impact of $513,000 outlined on page 29 is, again, very conservative and we would expect actual positive revenues to the community to be higher than this finding,” said Fougere.

Even with the positive report, many residents who were at the meeting this week have expressed concerns that the development will burden the town’s services and contribute little in terms of revenue.

And, the issue of just how many students the development might bring made for some strong responses, including one from a unique source.


NIMBY Strikes Again?


Allestown, NH (shaded in red.) Credit: Google.

Our schools are currently struggling to financially meet the needs of the existing student population. They are not prepared to accommodate a large influx of additional students. School taxes will increase as a result,” said Kathleen Pelissier, the town’s clerk and tax collector, in a letter sent to certain residents urging them to contact the select board before the vote.

I hope I’m wrong. But only time will tell.

Pelissier’s letter also said that manufactured homes depreciate quickly in value, and she worried many property owners in the planned age-restricted development might apply for exemptions on their taxes based on age and income.

As a part of the sale, the Hynes Group agreed to upgrade the area around the new development, including installing a sidewalk along the turnpike to the entrance of the new development.

For more on cases of NIMBY (Not-In-My-Back-Yard), including a recent case in Glendale, Arizona, click here. ##


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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Canadian Modular Home Builder Provides Update on African Market Launch

February 2nd, 2017 Comments off

EHT home. Credit: EHT.

Enerdynamic Hybrid Technologies Corp. (EHT) provided an update this week on their Letter of Intent to build 50,000 homes in Ivory Coast for a branch of its military.

In a story covered by Daily Business News writer Matthew J. Silver on December 16th, Maple Leaf Holdings SA, of which EHT is a shareholder, was slated to construct two, three and four bedroom homes utilizing the company’s sustainable Advanced Modular Housing System for Foundation General Akissi, which provides military housing for the government.

EHT tells MHProNews that it was anticipated that the contract for the delivery of 50,000 homes would be finalized in January 2017 for a build-out of 10,000 home tranches with an update to be provided at that time.

As of January 30th, the company and the Foundation have started negotiations on the contracts necessary to begin the project and anticipate finalizing the agreement by early March. EHT has recently completed the installation of two fully equipped housing units, one off-grid/self-contained unit and the second configured as a net-metering system.


EHT Home in progress. Credit: EHT.

We were several weeks behind schedule in the completion of our sample units and the finalization of the contracts for this opportunity due to the holidays,” said EHT CEO John Gamble.

However, we remain confident in our product as well as in our ability to compete and win large housing contracts in West Africa as well as many similar projects around the globe.” ##

(Image credits are as shown above.)


RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Modular Homes may House Attawapiskat in Canada

December 13th, 2013 Comments off

Following a post MHProNews last covered April 29, 2013 regarding the housing needs of the Attawapiskat of northern Ontario, Canada, bidding on a $2.2 million contract will close Mon., Dec. 16. It ‘s part of a larger $11.5 million, 15 project, five-year plan to increase the affordable housing stock for the 1,800 residents who routinely suffer from floods after the snow melts in the spring. This project will provide eight more housing units for the First People community, although it will be the winning bidder’s decision as to whether the homes will be factory-built or site-built. Late last year, according to, the federal government brought in 22 modular homes for the community and there was a need for 62 more. The government also gave the Attawapiskat over $650,000 to repair nine homes damaged by the spring flooding.

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