Fundy Capital launches $100M MHC and apartment fund
Aug. 22 2025 | by Steve McLean
What Fundy Capital has another $100m in acquisitions lined up for its new mobile home fund
Why The fund focuses on purchasing assets below replacement cost in supply-constrained markets
What next When the fund reaches capacity, another fund will be considered to go nationwide
Fundy Capital Management has lined up another roughly $100m in acquisitions for its new fund targeting mobile home communities and affordable apartment buildings across Atlantic Canada, Green Street News can reveal.
The firm expects to close up to four deals over the next few months, acquiring assets from private owners for the Mobile Home Communities and Apartment Fund it launched last year.
The fund’s first acquisitions closed earlier this month, on two Nova Scotia mobile home communities: Valley Gate Mobile Home Park in Mount Uniacke and Woodlawn Village in Dartmouth.
The fund’s acquisition pipeline encompasses just under 2,000 lots, and Fundy is looking for equity partners to help fuel growth.
“The pipeline is there for additional acquisitions, and we’re actively looking to add value at all of our parks and provide more safe, affordable housing,” Alex Love, Fundy’s vice president of real estate investments and partnerships, told Green Street News.
“We want to show the market that mobile home communities offer the best risk- adjusted return out there today. Affordable housing is the biggest need across Canada, and MHC is one of the few asset classes positioned to actually address it – there’s a structural shortage of supply, the cashflows are stable and almost nothing new is being built.”
The fund’s investment strategy involves acquiring assets below replacement cost in supply-constrained Eastern Canada markets where there is strong rental demand and minimal new construction. Fundy plans to expand each of its parks with additional housing. The Mount Uniacke park, for example, has roughly 25 acres of unused land that will be used for an expansion.
The team will also acquire and revamp existing homes within the parks, enhancing both the overall value of the communities and the curb appeal, which Fundy says helps to chip away at the stigma around mobile homes as an overlooked asset class. Fundy’s principals, Barry Gidney and Love, are heavily invested in the fund, which Love said underscores their conviction in the asset class.
When the fund reaches capacity, another fund will be considered to go nationwide. “We want to own and operate in our own backyard, but we’d also consider buying across the country to get to the scale needed to go public,” Love said.
