Berkadia Arranges Sale of Manufactured Housing Portfolio
The manufactured housing portfolio includes 10,000 sites in six states.
River’s Edge, a manufactured housing community owned by Havenpark Communities in Clinton Township, Mich. The asset class has seen increased interest lately. Image courtesy of Havenpark Communities
A private owner has sold a 10,000-site manufactured housing portfolio after growing it over the course of several decades. Jim Moore sold the six-state Moore Portfolio to an undisclosed buyer. Berkadia’s Brian Hummell, Ian Hilpl, Kevan Enger and Hunter LaRocca, in cooperation with Capstone Cos., arranged the sale on behalf of both the seller and buyer.
The Moore Portfolio totals 10,000 manufactured houses across 46 communities in six states. Most of the communities are located in Ohio, where 22 of the 46 are located. The asset bundle also includes eight in Missouri, six in Florida, six in Illinois, two in Montana and two in Indiana. According to Berkadia, the private owner grew the portfolio from the 1970s to the early 1990s. Hilpl, managing director at Berkadia, said in prepared remarks that the average community has more than 200 sites and the overall portfolio is 87 percent occupied.
The portfolio is one of the last of such scale still owned by a private individual, according to Hilpl. The new owner could not immediately be identified. No plans have been disclosed regarding upgrades, though Hilpl noted in prepared remarks that there will be opportunities to improve each community.
Growing interest in manufactured housing
Hummell, director at Berkadia, said in prepared remarks that Moore started investing in the manufactured housing sector in his early 40s with the acquisition of a 20-site park in California. After reaching stabilization on his first property, he traveled across the country to acquire more manufactured housing parks throughout the 1980s.
In recent months, manufactured housing has been attracting more interest from institutional buyers and has proven itself to be a resilient asset class. Regal Communities’ Zachary Ratzker recently told Multi-Housing News that he expects more deal flow and capital to come into the manufactured housing sector for the rest of 2023 and into 2024.
