Home Breadcrumb caret Economy Breadcrumb caret Economic Indicators Breadcrumb caret Industry Breadcrumb caret Industry News Breadcrumb caret Investments Breadcrumb caret Market Insights Breadcrumb caret Planning and Advice Breadcrumb caret Practice California dreamin’: Toronto’s Tricon buys U.S. retirement communities Toronto-based Tricon Capital Group, an investor and asset manager focused on residential real estate, says it’s Tricon Lifestyle Communities venture has bought three manufactured-housing communities in California. Read: Pressure points for U.S. commercial real estate Two of the communities, Riverdale Estates and Palmdale Estates, are age-restricted properties. Retirees can buy a prefabricated home and install […] By Staff | December 5, 2016 | Last updated on December 5, 2016 1 min read Toronto-based Tricon Capital Group, an investor and asset manager focused on residential real estate, says it’s Tricon Lifestyle Communities venture has bought three manufactured-housing communities in California. Read: Pressure points for U.S. commercial real estate Two of the communities, Riverdale Estates and Palmdale Estates, are age-restricted properties. Retirees can buy a prefabricated home and install it on a rented site in the community. The two communities have 336 rental pads located in Indio, California. Indio sits in the Coachella Valley, a popular residential market for retirees, near Palm Springs. The third property, Springdale Estates, is located in San Marcos and is a family community consisting of 85 residential pads. TLC intends to execute a capital improvement program focused on the amenity centre and entrance features at all three communities. Read: Crossing the border could be harder under Trump The total purchase price of US$30.4 million was satisfied with cash and a seven-year non-recourse financing package at an average 62% loan-to-value and 3.85% fixed interest rate. This transaction expands TLC’s presence into California and increases its portfolio size to 3,065 residential pads across 14 communities, with approximately US$129 million of assets under management. Also read: Uberization of mortgages seen within 5 years Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo