Posts Tagged ‘dozens’

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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New Columbus Day Report, Dozens of Media Sites Pickup on MH

October 10th, 2016 Comments off

behindscenesbillmatchneerjd-latonykovach-insidemhroadshow-formerhudcodemanufacturedhousingprogramdirector-cfpb-a-mhlivingnewsA new video-linked to a “behind the scenes” look at manufactured housing, plus related commentary are found in a Columbus Day Masthead column.

Dozens of news and special interest websites have picked up a media release that spotlights manufactured housing as the solution to the affordable home crisis that is “hiding in plain sight.”

To see the article and linked new video, click here.

(Image credits are as shown.)


L. A. ‘Tony’ Kovach is the publisher of, and MH Consultant.

Submitted by L. A. ’Tony’ Kovach, to the Daily Business News, MHProNews.

Gov. Brown Signs Bill Giving LLC Residents a Voice

September 27th, 2013 Comments off

Following a story we last posted Sept. 11, 2013 regarding a California measure that would give land lease community (LLC) residents and local jurisdictions a voice when community owners seek to redevelop the real estate, MHProNews has learned Gov. Jerry Brown signed the legislation into law. While local government has no actual power to prevent the conversion of the property even if a majority of community residents do not approve, SB 510 will avert costly litigation that has plagued dozens of cities because the law of property rights has not been clear. Sponsored by Rep. Hannah-Beth Jackson (D-Santa Barbara), Ventura County Supervisor Steve Bennett says, “This bill protects affordable housing, protects local governments and taxpayers, and brings closure to many years of litigation over this issue.” As says, there are approximately 5,000 lLLCs in California comprised of one million residents.

(Photo credit:–manufactured homes in Calif.)

Local Government May Disapprove of Community Conversion

September 6th, 2013 Comments off

California Assembly measure SB 510 would allow a local government to disprove of the conversion of a manufactured housing community to another use if a majority of the community residents do not support it. The uncertainty of the rights of both resident and community owner has led to dozens of lawsuits. The jurisdiction is not required to disprove of the conversion, nor does it have authority to stop the redevelopment, according to santamariatimes. Sponsored by Sen. Hannah-Beth Jackson, D-Santa Barbara, the measure passed off the Assembly floor in a 41-23 vote, and is now headed for the Senate, as MHProNews has learned.

(Image credit: CNNMoney)

Tunica Manufactured Housing Show Opens

March 27th, 2013 Comments off

Over 2,000 retailers, community owners/operators, builders/developers, installers, factory builders, lenders, suppliers, association leaders and exhibitors will be in Tunica, MS for the largest industry trade show of 2013. Dozens of the latest models including developer and community series homes will be on display. Attendees will range from the rank and file, as well as managers to the CEOs of the biggest companies in the industry. As MHProNews knows, the show opens at 9 AM and runs until Friday. Most industry members can sign up free at the door with a driver’s license and a business card. The business building/educational seminar schedule and other details are found at this link .

(Graphic credit: Show Ways Unlimited)

Downtown Modular Home Development Proposed

October 8th, 2012 Comments off

Augusta, Georgia’s WBJF-TV tells MHProNews Augusta businessman Donnie Thompson and a New York City developer are proposing dozens of modular homes on a six acre tract that Thompson recently bought from the city for $300,000. Mayor Deke Copenhaver says, “We need to bring more residents into downtown Augusta. Our loft apartments are at 98 percent occupancy rate so there really is a need, a pent up demand for downtown. I’m excited to have the opportunity to really take a look at what they’re proposing.” The historic train depot that rests on the site will be incorporated into a commercial district to serve the homes.

(Photo credit: Erica Fisher/energeticcity)


Icon Delivers Modular Classrooms

July 18th, 2012 Comments off

From its manufacturing plant in Durant, Oklahoma, Icon Construction has completed the delivery of five modular classroom buildings and the relocation of five previously sited modular classrooms in Anadarko, OK at Riverside Indian School southwest of Oklahoma City. From timesunion, MHProNews has learned Riverside is the nation’s oldest federally operated Native American boarding school, having begun in 1871 now serving students from dozens of Indian nations grades 4-12. Icon has provided modular buildings for the Bureau of Indian Affairs in New Mexico, Arizona, the Dakotas, and Oklahoma, and is the only SBA 8(a), HUBZone, Veteran and Native American owned manufacturer of modular buildings in the U.S. The project included site preparation, utilities, a parking lot, and a playground.

(Photo credit: PRWeb)

Showtime in Tulsa!! Opening Day at the Home Show

March 1st, 2012 Comments off

The Great Southwest Home Show opens today at the QuikTrip Center in Tulsa with dozens of the newest manufactured homes on display from the nation’s top builders, vendors offering support product and services, and seminars and workshops dealing with financing, attracting new clients, appraisals, MHC management, and expanding your inventory through the SBA. Network with other industry pros—you never know what connections may turn to profits! Watch MHProNews as publisher L.A. Tony Kovach does a walk-through at the Center. Check the schedule of events Thursday and Friday, March 1 and 2.The show continues Saturday and Sunday as Public Days.



The vast majority of manufactured housing industry pros have never seen the set up of homes and exhibits at a Trade Show. You can get an exclusive, behind the scenes look and check for more at show series of videos on The Masthead blog, entitled Live from Tulsa: the 2012 Great Southwest Home Show.




Video credit: