Posts Tagged ‘Toronto’

Inside Look – Tricon Capital’s Recent Manufactured Home Community Moves

December 22nd, 2016 Comments off

Credit: Tricon.

Toronto, Canada based Tricon Capital Group Inc. (TCN.TO), recently announced that its Tricon Lifestyle Communities (“TLC”) investment vertical has acquired a portfolio of three manufactured housing communities in California comprising a total of 421 residential pads for $30.4 million.

Tricon Capital tells the Daily Business News that two of the communities, Riverdale Estates and Palmdale Estates, are age-restricted properties totaling 336 rental pads located in Indio, California.

The third property, Springdale Estates, located in San Marcos (San Diego County) is a family community consisting of 85 residential home sites.

TLC intends to execute a capital improvement program, focused on the amenity center and entrance features at all three communities.

These acquisitions expand TLC’s presence in California and increase its portfolio size to 3,065 residential pads across 14 communities, with approximately $129 million of assets under management.

Credit: Tricon.

Tricon Lifestyle Communities states that they are focused on acquiring, enhancing and managing manufactured housing communities across the United States through a joint venture with its third-party operating partner, Cobblestone Real Estate LLC, a vertically integrated asset and property manager.

Tricon Capital Group is a principal investor and asset manager focused on the residential real estate industry in North America with approximately $3.1 billion USD of assets under management. Tricon owns, or manages on behalf of third party investors, a portfolio of investments in land and homebuilding assets, single-family rental homes, manufactured housing communities and multi-family development projects.

Tricon Capital Group also recently announced strong Q3 growth during their November 9th earnings call, citing investment income growth across verticals.


Tricon 1 year look. Credit: Bloomberg.

Solid execution by our management team and strength in the U.S. housing market laid the foundation for another very good quarter, with meaningful year-over-year growth in all our housing verticals,” said Gary Berman, Tricon’s President and Chief Executive Officer.


Gary Berman. Credit: Tricon Capital.

Shareholders will also note that we have revised our MD&A format this quarter, underscoring our commitment to providing simple and transparent reporting to our investors. We believe the new MD&A will help alleviate some of the perceived complexity in our reporting and enable investors to better understand the underlying value of our company.

Finally, we are pleased to report that subsequent to quarter-end we substantially completed the buyout of the minority interest in Tricon American Homes, which will further simplify our reporting and position us better for long term growth in the burgeoning single-family rental industry. Our operating partners were instrumental in helping TAH become a leader in the market and we would like to thank them for the important role they played in our success to date.

Tricon Capital’s Q3 earnings report is linked here. ##

(Image credits are as shown above.)


RC Williams, for Daily Business News, MHProNews.

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

TV Show will Document Production and Siting of Modular Home

May 14th, 2015 Comments off

breakneck builds  modulalr home siting  matt cristy  herald argus  creditA reality show set to premiere on the DIY (do-it-yourself) network this fall will document the production of a modular home by Commodore Homes in Goshen, Indiana, and follow its route down highways and through La Porte, Indiana to its siting in a neighborhood. “Not everyday (do) you see a house coming down the street, so it gets a lot of attention,” said Mike Rilstone, the director of photography for the show, called Breakneck Builds.

Being filmed this week by Toronto-based Tricon Film and Television, it will show two separate families receiving modular homes, set for an initial series of 12 episodes. Bob Lang, owner of La Porte Housing Specialists, which is doing the siting, says it’s a great way to educate people about the quality of modular homes and the process from production to preparation for the family to move in.

A drone, flying overhead, filmed the crane lifting the first section of the house onto the foundation, as heraldargus informs MHPronews. ##

(Photo credit: heraldargus/Matt Christy–modular home being sited in La Porte, IN)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

No-frills Muji prefab designed for Tiny Urban lots

November 13th, 2014 Comments off

Muji-VerticalHouse-Exterior-mother-nature-network-posted-daily-business-news-mhpronews-com-Japanese variety store Muji is rolling out its pre-fabricated home, to be sold via its retail outlets. Unlike past Muji prefabs, there doesn’t appear to be a notable Japanese architect attached to Vertical House — perhaps it was designed in-house. Svelte and sleek, the three-story split-level residence is completely free of interior doors, partitions and walls.

Mother Nature Network (MNN) says Muji has close to 300 retail stores in Japan, including mega stores. But the chain has witnesses a spread into other parts of Asia, Europe and North America. New York City, Los Angeles and San Francisco will soon be joined with a locaion in Toronto, the first Canadia Muji location.

MNN describes the Vertical Home to MHProNews in these terms:

Svelte and sleek, the three-story split-level residence is completely free of interior doors, partitions and walls. A nightmare for privacy-seeking teenagers, yes, but fantastic in terms of freeing up available space and creating an open floor plan with a very pared-down ambiance.”

MNN notes that in Japan, homes are often razed after 30 years, a trend some say is unsustainable for them, which also keeps homes from appreciating as they might in the U.S..


With locations in the U.S., and so Canada, will North American home shoppers soon be looking to Muji – or other popular retailers like Ikea – for their next home? ##

(Photo credits: MNN)


IQ Tech Mod Builder Partners with EnerDynamic Hybrid Tech.

September 15th, 2014 Comments off

IQ_modular_home__thedigitalist.com__credit__CanadaModular home builder IQ Technologies, Inc. Canada has entered into a joint venture with EnerDynamic Hybrid Technologies Corp. (TSX-V:EHT) of Ontario, Canada to include EHT’s solar and wind energy systems in their homes, according to IQ provides and installs sustainable modular homes globally that can be installed in one day utilizing a patented panel system. While the homes are sustainable as permanent housing, the quick assembly makes them ideal for catastrophic situations. EHT provides turn-key energy and battery storage solutions anywhere in the world with or without an energy grid, 24 hours a day in both large and small-scale applications. IQ currently has a 10,000 order backlog for its modular homes over the next three years. MHProNews posted a story April 6, 2012 about a similar house made by Innovative Composites International, Inc. (ICI) of Toronto. ##

(Photo credit:–IQ’s modular house)

Freddie Mac’s new Manufactured Housing finance program orignated by Walker & Dunlop

August 29th, 2014 3 comments

freddie-mac-globest-credit-posted-daily-business-news-mhpronews-com-The new Freddie Mac manufactured housing community (MHC) finance program announced last spring has been originated by Walker & Dunlop (W&D). The loan was for $10.5 million on Longhaven Estates, an MHC in Phoenix, AZ. The financing was secured for Cobblestone Real Estate, LLC, based in Oak Brook, IL, and Tricon Capital Group, based in Toronto, Canada, GlobeStreet tells MHProNews.

Senior Vice-President Will Baker’s team structured financing. Baker said that when Cobblestone and Tricon approached W&D with the deal, “We immediately knew it would be a perfect inaugural deal for Freddie Mac.”

As the Daily Business News reported after the program was first announced, John Cannon, Senior Vice-President of Freddie Mac’s multifamily division said,“It [the new MHC financing program] broadens our geographic footprint and creates a more balanced approach.”

Freddie Mac has stated they believe manufactured housing is important in providing affordable housing. This loan, experts say, demolong-haven-estates-credit-senior-retirement-living-posted-manufactured-housing-daily-business-news1-mhpronewscom-nstrates their commitment to the MHC sector. ##

(Photo credits: GlobeSt, Senior Retirement Living)


Canadian Firm Seeking Manufactured Home Communities

March 25th, 2014 Comments off

Toronto-based Tricon Capital Group, Inc. (TCN), which bought 3,500 rental units in the U. S. following the housing meltdown, is now seeking to invest up to $670 million (US) in manufactured home communities (MHCs) in Florida, California and Arizona, reports Chief Operating Officer (COO) Gary Berman says, “If you look at the U.S. population, it’s definitely growing, it’s definitely getting older, and it’s probably getting poorer. What single-family rental and manufactured housing do is they provide very affordable housing for people.” He says manufactured housing is a $400 billion business within the overall single-family U. S. market worth $2 trillion to $3 trillion.

After going public in 2010 Tricon gained 35 percent; its adjusted net income rose to C$34.7 million ($31 million US) in 2013 from C$6.76 million ($6 million US) in 2012. Eighty percent of its assets are in the U. S., with 20 percent in Canada. Berman says they are seeking the higher end MHCs.

Private-equity firms, hedge funds, and other investors spent more than $20 billion buying about 200,000 rental homes in the last two years, as has been informed. According to Harvard University’s Joint Center for Housing Studies, demand for more affordable housing is high in the U. S. as federal subsidies have not kept pace with the growing need.##

(Photo credit:–manufactured home community in Calimesa, Calif.)

Killam to Announce Financials for Q3 2013

October 3rd, 2013 Comments off

Killam Properties, Inc. (TSX:KMP) of Halifax, Nova Scotia, Canada will present its financial results for the third quarter ending Sept. 30, 2013 after the market closes Tue., Nov. 5. A conference call and live webcast will be held the following day, Wed., Nov. 6, at 11 AM EST. The dial-in number outside Toronto toll free is 888 231-8191, as informs MHProNews. A replay will be available until Nov. 13, 2013, and on Killam’s website for 90 days after the webcast. Killam is one of the largest owners of manufactured home communities in Canada.

(Photo credit: Killam Properties, Inc.)

Killam to Release Q2 Financials

July 15th, 2013 Comments off

Killam Properties Inc. (TSX: KMP) will release its financial results for the second quarter ending June 30, 2013 on Wednesday, August 7, 2013, after the close of the market. A conference call to discuss the financials will be held on Thursday, August 8, 2013, at 12:00 PM EST. In Toronto call (647) 427-7450 to access the conference call. In the rest of North America, call toll free (888) 231 8191, as MHProNews has learned from One of Canada’s largest residential landlords, based in Halifax, Nova Scotia, Killam owns and operates 50 manufactured housing communities as well as multifamily apartments.

(Photo credit: Killam Properties, Inc.)

Modular Designer begins in U. S., Flourishes in Canada

July 4th, 2013 Comments off

Hive Modular of Minneapolis suffered mightily during the recession, but the company has been growing in Canada, enough to have three locations: Altona in Manitoba, Toronto, and one will be set to the east in Quebec. Hive started as a “night job” in 2005 by Paul Stankey and two friends, and has produced 25 custom homes. As MHProNews reported Sept. 21, 2012, a highly energy efficient, 2,075 square foot green house with three bedrooms and 2 1/2 baths was sited in Calgary for around $160 a foot. Hive offers custom made modulars to fit lot sizes and conditions, and the modules arrive on site complete: Painted drywall, electricals, fireplace, flooring, windows and kitchen. One feature offered by Hive is Plyboo cabinets—plywood-like material but made from bamboo with exposed edges that resemble marquetry. According to the globeandmail, one customer says, “You’d start getting pictures and half your house was built.”

(Photo credit: Paul Stankey/theglobeandmail)

Modular Made from Recycled Materials

January 24th, 2013 Comments off

The Globe and Mail from Toronto informs MHProNews Jason Halter and Michael de Jong have created a two-story modular house from 70% recycled materials. Using shipping container steel frames clad in cedar, the homes start around $115 a square foot. While this energy efficient house can be had with Italian porcelain sinks in the bathroom and solid hardwood floors, the owners are also considering building homes for survivors of Hurricane Sandy.

(Photo credit: Globe and Mail)