QuadReal Makes $330M MHC Purchase
This acquisition expands the investor’s U.S. residential portfolio to more than 17,000 units.
QuadReal Property Group has purchased an eight-property manufactured housing portfolio in four U.S. markets for a total of $330 million. Located in key urban neighborhoods of Dallas; Austin, Texas; Salt Lake City and Orlando, Fla., the all-age communities were sold by an undisclosed entity.
QuadReal purchased 100 percent direct interest in the eight U.S. assets without leverage. Each pet-friendly community includes multiple amenities such as playgrounds, swimming pools and outdoor recreation spaces. The properties are in need of limited improvements, so the new ownership will be focusing on maintaining and further investing in them for the benefit of the current and future residents.
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The buyer is among the largest MHC owner-operators in Canada, through its subsidiary and operating platform, Parkbridge. Managing Director Daniel Gilksman told Multi-Housing News that QuadReal’s overall global residential footprint consists of a variety of housing types for all stages of the housing journey.
The Canadian owner-operator is also active in the traditional multifamily sector in the U.S. This summer, QuadReal acquired 1,400 units in metro Denver; Charlotte, N.C.; Phoenix and Washington, D.C. As of today, the firm’s residential portfolio exceeds 17,000 units across the U.S., and 90,000 units globally, valued at almost $20 billion.
