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Canadian Apartment pays C$211M for 27 manufactured housing communities

Canadian Apartment Properties Real Estate Investment Trust acquired 27 manufactured housing communities totaling 4,079 sites across Canada for approximately C$210.9 million.

The acquisition comprises a 23-community portfolio totaling 3,469 sites, a 429-site community in Quebec, a 56-site asset in Ontario and two communities in British Columbia totaling 125 sites.

The multifamily REIT financed the acquisitions using proceeds from its recently completed bought-deal offering of trust units and by assuming C$74.4 million in existing mortgages with a 3.39% weighted average interest rate and a term of 2.4 years.