Geraldine Rodd
Residents of six mobile-home parks on P.E.I. are hoping a change in ownership won't result in higher fees, but a U.S. watchdog group says that might be wishful thinking., who has lived at Chateau Estates for 15 years and is on a fixed income, says she would likely have to move if fees went up. Residents of six mobile-home parks on P.E.I. are hoping a change in ownership won't mean higher fees, but a U.S. watchdog group says that might be wishful thinking.
, who has lived at Chateau Estates for 15 years, said CAPREIT did not tell residents anything about the sale — and that has fuelled both surprise and speculation. TPG Real Estate said the newly purchased sites will be part of a new company with additional capital and resources to support affordable housing in Canadian communities."This acquisition is about investment into the communities, and we believe this acquisition will be good for residents of the communities in Prince Edward Island," it said.
When private-equity businesses buy an asset such as a mobile-home park, Ash said they are rarely in it for the long term. Rather, he said, they are looking to increase the value of that park in order to sell it for a profit. "These are Islanders' homes, and with a low vacancy rate across the Island, there may be nowhere else for people to go if they cannot afford to pay an increased rent because of this sale."
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