Q+A: Alex Love on Fundy Capital’s Mobile Home and Apartment Fund
27 Aug 2025 | 08:45 | Toronto | by Matt Lamers
While many real estate investors chase high-rise opportunities in downtown Toronto and other urban centres, Fundy Capital Management is charting a different path. The Halifax-based firm sees the best risk-adjusted returns today in mobile home communities and affordable apartments across Atlantic Canada. Fundy is preparing to launch a new $100m fund targeting these asset classes. With leverage, the vehicle is expected to acquire $300–$400 million in properties. This would add to Fundy’s existing portfolio of 73 properties, totaling more than 1,000 residential units and valued at approximately $300m. Green Street News spoke with Alex Love, vice president of real estate investments and partnerships, about the firm’s strategy, why affordability is central to its approach and what investors can expect from the new fund.
Why focus on mobile home communities and affordable apartment buildings?
We believe affordability is the strongest asset class in Canada today. The best risk-adjusted returns are in mobile home communities and affordable apartments, especially given the current environment where rents have outpaced what many Canadians can realistically afford. We’re yield-based investors. We buy for cash flow today, not just potential in the future. For many immigrants and young families, the goal is to eventually own their home, not to rent indefinitely. Mobile home communities offer an affordable path to ownership and stability. These communities often carry a stigma of being run down, but the reality is the opposite. We’re investing heavily into them – bringing in new, modern homes and revitalizing entire communities.
Do you plan to expand beyond Atlantic Canada?
Our main focus is Atlantic Canada. It’s still a relatively untapped market compared to other parts of the country. If we were to acquire a larger portfolio that included assets outside the region, we’d consider it, but the fund will be predominantly Atlantic Canada-focused. At the end of the day, you invest where you understand the market and have a competitive edge – for us, that’s Atlantic Canada. This is our backyard, and we want to put our capital to work where we live.
Why the 75/25 split between mobile home communities and apartments?
We’re strong believers in both sectors, and they complement each other well. We’ve built deep expertise in each asset class, which provides diversification for
our investors. That said, the pipeline of opportunities in the mobile home community space is particularly strong right now, which is why it will represent the majority of the allocation.
How will you add value to the properties before an exit?
On the mobile home side, our strategy is to expand and improve every community we buy. That includes adding new homes and, in some cases, offering lease-to-own programs that give tenants a path to ownership. One of our biggest competitive advantages is the ability to scale these communities – bringing in modern homes and upgrading infrastructure, which creates long-term value. On the apartment side, our plan is to renovate units as they turn over, making sure they’re up to current market standards. We believe in reinvesting in our buildings, not cutting expenses just to boost the bottom line. By doing so, we improve the tenant experience while also strengthening [net operating income] over the long term.
What acquisition guidelines can you share?
Every asset we acquire must generate real, in-place income from day one. We like to say we buy cash flow. Real estate is an illiquid asset class, and this fund is a 10-year closed-end vehicle. To balance that, we’re committed to delivering a 6% annual cash dividend, paid quarterly. Our approach is simple: underpromise and overdeliver. We target assets with opportunities for expansion or reinvestment – where we can add value beyond just trimming expenses. That’s what creates both stable yield and long-term upside for our investors.
