CenterSquare Acquires Houston-Area Manufactured Housing Site
Completion of the community is scheduled for next summer.
CenterSquare Investment Management will be adding to the affordable housing stock in the Houston metro with its latest manufactured housing project. The firm acquired Piney Woods, an unbuilt 394-lot community in Crosby, Texas, alongside K8H Ventures. The joint venture acquired the site from an undisclosed seller.
Victoria Madrid, vice president of private equity real estate at CenterSquare, told Multi-Housing News that the firm already started construction on the project. According to CenterSquare, the lots will be developed over a 12-month period with a scheduled completion slated for August 2024. The joint venture tapped Woodforest Construction as the general contractor and L Squared Engineering as the project’s engineer.
When completed, Piney Woods will offer lots for 394 homes and be built to Fannie Mae Level 4 and 5 Quality Rating Standards for manufactured housing. The community’s amenities will include a pool, basketball court, playground, walking trails and green spaces. CenterSquare’s business plan for Piney Woods includes starting a preleasing marketing campaign after the completion of the horizontal site work.
Adding to Texas’ manufactured housing stock
According to CenterSquare, Texas leads the U.S. for annual manufactured housing shipments by state. Texas has also become very popular for manufactured housing, partly attributed to a major demand for affordable housing across the state.
CenterSquare has previously invested in the manufacturing housing sector through its listed real estate securities platform. The firm has developed a notable presence in the Houston metro, previously developing a speculative cold storage warehouse called Houston ColdPort, Madrid told MHN. CenterSquare’s Houston portfolio also includes other investments in the multifamily, retail and office sectors.
Overall, the firm’s portfolio includes $13 billion in assets under management as of August. While CenterSquare is based in suburban Philadelphia, the firm’s reach spans across the U.S. In October 2020, CenterSquare partnered with CentrePoint Properties to acquire The Point at Biscay, a 96-unit townhome community in Aurora, Colo. More recently, CenterSquare acquired the 336-unit Tides in North Las Vegas, Nev. with plans to upgrade the units.