Firm Capital Property Trust has completed the acquisition of one of 11 Prairie manufactured home communities that are part of an approximately $227-million proposed purchase.

Firm announced that it has closed on the $8.5-million acquisition of a 50% stake in a 103-unit acquisition in Didsbury, Alta., and advanced the proposed purchases of the other 10 assets priced at $218 million altogether.

In the completed deal, Firm acquired a 50% acquisition through its subsidiary and joint-venture partner Sunpark Communities, which owns the remaining 50% interest.

“This acquisition strengthens the Trust’s growing MHC platform, a sector characterized by stable occupancies and consistent cash flows,” said Firm Capital.. “The acquisition aligns with the trust’s consistent focus on capital preservation and disciplined investing while expanding its presence in Western Canada.”

The Didsbury property and the 10 other assets under contract comprise 1,752 manufactured-home sites across Alberta and Saskatchewan. Like the Didsbury deal, the other acquisitions will be completed through Firm’s existing joint-venture with Toronto-based SunPark, with each partner holding a 50% stake.

In addition to the land-lease communities, the broader transaction includes 151 park-owned homes and 192 chattel mortgages, which are expected to provide additional cash flow. Firm Capital plans to sell the park-owned homes over time while retaining income from site rents and mortgage payments.

The properties are concentrated in key Western Canadian markets, including several communities along Alberta’s Highway 2 corridor between Calgary and Edmonton, as well as locations in and around Saskatoon.

Firm Capital previously said the portfolio was approximately 94% occupied and is being acquired at a 6.4% capitalization rate. The transaction was expected to be immediately accretive, contributing about $0.02 per unit in annual adjusted funds from operations.

The acquisition will increase the trust’s exposure to non-rent-controlled markets in Alberta and Saskatchewan, while expanding the trust’s MHC segment and enhancing geographic diversification.

Firm Capital will fund its share of the equity, estimated at $38 million, through existing resources and credit facilities, with the balance financed through mortgage debt.

The trust expects to complete the acquisition of the remaining 10 properties in the second quarter of 2026, subject to customary conditions including regulatory approval from the Competition Bureau.

North York, Ont.-based Firm Capital Property Trust is a REIT backed by Firm Capital and focused on multi-residential, industrial and grocery-anchored retail properties, with an emphasis on stable income and long-term value creation.

Pictured: High River Village in High River, Alta., one of the 10 remaining MCHs to be acquired.

Photo: MHBO.com