Firm Capital Property Trust has agreed to acquire a 50% interest in 11 Prairie manufactured home communities for approximately $227 million.

The portfolio includes 10 properties with 1,649 sites across Alberta and Saskatchewan, along with an additional community in Alberta with 103 sites, for a total of 1,752 sites. The acquisitions are being completed through the trust’s existing joint-venture with SunPark Communities, with each partner holding a 50% stake.

In addition to the land-lease communities, the transaction includes 151 park-owned homes and 192 chattel mortgages, which are expected to provide additional cash flow. The trust said it 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 said the portfolio is approximately 94% occupied and is being acquired at a 6.4% capitalization rate. The transaction is 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 its manufactured-housing community 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.

Closing is expected in the second quarter of 2026, subject to customary conditions including regulatory approval.

Firm Capital Property Trust is a Canadian 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.

Photo: MHBO.com