52Ten Announces 2nd Manufactured Housing Fund
- Jun 24, 2021
52Ten has announced its second manufactured housing community income and growth fund.
Dubbed “52Ten Fund II”, the fund will target larger, high-quality assets with upside potential in markets with high demand for affordable housing, with focus on cities in the Sun Belt and increase value through performance optimization. The fund will accept capital contributions up to an aggregate amount of $30 million from accredited investors.
According to 52Ten Co-Founder & Head of Investor Relations Jack Martin, manufactured housing communities have emerged as one of the top-performing investment in the country. Previously a “mom-and-pop” asset and a target of negative stereotypes, the sector has evolved into a darling of real estate with rising institutional ownership, Martin said in prepared remarks.
In the most recent NorthMarq report, the manufactured housing sector closed the first quarter of 2021 with encouraging numbers. Even though occupancy numbers rose across the country, Southern states recorded the highest occupancy rates, growing 30 basis points year-over-year to 94.9 percent.