Capstone Sells 46-Property MHC Portfolio

Almost half of the communities are in Ohio, with the rest spread across five other states.

Hidden Valley Estates

Last year, Capstone Manufactured Housing also brokered the sale of Hidden Valley Estates, an 84-site MHC in Bozeman, Mont. Image courtesy of Capstone Manufactured Housing

Berkadia, on behalf of Capstone Cos., arranged the sale of a 10,000-homesite manufactured housing portfolio that includes 46 communities spread across six states. The Moore Portfolio encompasses 22 communities in Ohio, 8 in Missouri, 2 in Montana, 6 in Florida, 6 in Illinois and 2 properties in Indiana.

Berkadia Manufactured Housing’s team of Senior Managing Director Kevan Enger, Directors Hunter LaRocca and Brian Hummell, together with Managing Director Ian Hilpl, led the sale on behalf of both parties, in a mutual effort with Capstone specialists.

The Moore Portfolio is one of the last privately owned manufactured housing portfolios of this scale, with the average community consisting of more than 200 homesites and a relatively stabilized occupancy rate of 87 percent, according to a prepared statement from Hilpl.

Starting into the manufactured housing sector in his early 40’s—with a 20-site park in California—Jim Moore and his wife Marion began to be successful when a home dealer offered to fill the lots. During the 80s, they purchased more properties throughout the country, creating The Moore Portfolio, said Hummell in prepared remarks.

More players enter the sector

The manufactured housing sector has been attracting an increasing number of institutional investors and owner-operators in the past decade. Most of them are attracted to this asset class due to its resiliency in uncertain economic times.

In March, Castle Park Investments, together with a global real estate investment equity firm, formed a $500 million programmatic joint venture that targets the acquisition of manufactured housing properties, RV resorts and campgrounds across the country. The venture debuted with a more than 700-homesite manufactured housing portfolio deal.

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