Manufactured Housing Properties Expands North Carolina Footprint

Public records show that MHPC paid $3.1 million for the 51-site community in suburban Asheville.

Image by Katja Rooke via Unsplash

Manufactured Housing Properties has purchased Red Fox Manufactured Housing Community in Clyde, N.C., for $3.1 million, according to Haywood County records. The same source also shows that the buyer financed its acquisition through a $2.3 million loan, held by Charlotte Metro Federal Credit Union. The property last traded in 2020, when the current individual seller acquired it from another private investor for $1.8 million.

Red Fox Manufactured Housing Community is a 51-lot property spanning across a 9-acre lot in suburban Asheville, N.C. The community is located at 52 Red Fox Loop, right across Interstate 40 and within 2 miles of Haywood Regional Medical Center and Haywood Community College, some of the area’s largest employers. The property is close to retail spaces such as Lowe’s and Walmart, area attractions such as Cold Mountain in Canton, N.C. Downtown Asheville is roughly 27 miles away.

With this purchase, Manufactured Housing Properties now owns 49 manufactured housing communities with a combined 2,350 lots. The company’s portfolio is mainly in The Carolinas, but it also owns properties in Georgia and Florida.

The MHC industry continues to attract capital from repeat investors, as well as those wanting to enter the market. And with increasing investor appetite and demand for more affordable housing options at an all-time high, the Biden administration announced it would help increase supply by expanding financing through government-sponsored enterprises.

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