Firm Capital Property Trust Announces Acquisition of a 50% Interest in Two Manufactured Home Communities for $5.7 Million

TORONTO, Feb. 02, 2023 (GLOBE NEWSWIRE) — Firm Capital Property Trust (“FCPT” or the “Trust“) (TSX : FCD.UN) is pleased to announce the acquisition of a 50% interest in a 56 site Manufactured Housing Community (“MHC”) called SunPark Parkhill Estates (“Parkhill”) for $3.1 million and the acquisition of a 50% interest in a 58 site Manufactured Housing Community (“MHC”) called SunPark Skyview Estates (“Skyview”) for $2.6 million (collectively the “Properties”). The acquisition price for 100% of the Properties is approximately $5.7 million, excluding transaction costs. The Trust’s portion of the acquisition price is approximately $2.85 million.

Parkhill, located in Peterborough, Ontario; is situated on 15.9 acres of land and is currently 100% occupied. Parkhill is conveniently located within a fifteen minute drive to downtown Peterborough and is alongside Highway 7 & 28. Parkhill was developed in 1968 and is an owner-managed community owned by the current ownership group since 1980. Parkhill features private water and sewers, paved roads, street lighting, and above ground electrical infrastructure provided by Hydro One. Parkhill was acquired at a 6.8% capitalization rate.

Skyview, located in Trenton, Ontario, is located on 5.3 acres of land and is currently 100% occupied. Skyview is conveniently located close to schools, shopping, downtown restaurants, and entertainment with easy access to Highway 401. Skyview is an original owner-managed community owned by the current ownership group and developed in 1980. Skyview features city water and sewer, paved roads, street lighting, and above ground electrical infrastructure provided by Hydro One. Skyview was acquired at a 6.2% capitalization rate.

The Properties will initially be funded through existing cash resources of the Trust. Seven year debt financing for approximately 65% of the purchase price is expected to be closed during the first quarter of 2023. Based on the current interest rate environment the all in rate would be approximately 4.75%.

The Trust will participate through its existing joint venture arrangement with SunPark Communities, LP (“SunPark”), such that the Trust will own 50% of the Property and SunPark the remaining 50%. SunPark is partially affiliated with members of the board and senior management of the Trust. This co-investment is consistent with the Trust’s objective of being aligned with strong real estate industry partners and represents our third and fourth acquisition with the partnership.

Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, The Trust’s plan is to co-own a diversified property portfolio of multi-residential, flex industrial, net lease convenience retail, and core service provider professional space. In addition to stand alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates and property and asset manages investments on behalf of the Trust.

For the complete financial statements, Management’s Discussion & Analysis and supplementary information, please visit or the Trust’s website at

This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Firm Capital Property Trust have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Additional information about the Trust is available at or

For further information, please contact:
Robert McKee   Sandy Poklar
President & Chief Executive Officer   Chief Financial Officer
(416) 635-0221   (416) 635-0221
For Investor Relations information, please contact:   
Victoria Moayedi    
Director, Investor Relations    
(416) 635-0221
FCD.UN on the TSX

CBJ Newsmakers