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Medicine Hat manufactured home park sells for $12.5M

Disposition represents a refocusing on pure multi-family assets
Canadian Apartment Properties REIT for Western Investor
tower-estates-medicine-hat
Tower Estates, a 176-site manufactured home park in Medicine Hat, Alta., sold Jan. 31 for $12.5 million.Tower Estates/Facebook

DEAL | Canadian Apartment Properties REIT has sold a 176-site manufactured home park in Medicine Hat, opposite the municipal airport. The transaction closed Jan. 31 for $12.5 million. Known as Tower Estates, the asset was acquired in May 2019 alongside a New Brunswick property twice as large. The sale occurred as part of a strategic refocusing of CAPREIT’s portfolio and the disposition of ancillary properties.

PRICE | $12,500,000

FROM | Canadian Apartment Properties REIT