Shopoff Realty Investments has acquired a 611-lot manufactured housing community portfolio in Illinois. The collection comprises Oak Creek Estates in Bourbonnais, Ill., Lincoln Terrace in Lincoln, Ill., and Belle Aire in Marseilles, Ill. The new owner intends to implement improvements at the assets, streamline operations and address the 112 lots currently vacant across the portfolio.
Oak Creek Estates is located at 1317 N. Arthur Burch Drive, roughly 4 miles from Interstate 57 and 56 miles from downtown Chicago. Completed in 1950, the 345-lot asset is the largest of the three communities. Roughly 30 percent of the homes are community-owned.
Located at 904 21st St., Lincoln Terrace is less than 3 miles from Interstate 55 and some 34 miles from both Bloomington, Ill., and Springfield, Ill. The property comprises 194 lots and a quarter of the homes are owned by the community.
The third asset, Belle Aire, is located at 823 Belle Aire St., less than 3 miles from Interstate 80, and was completed in 1968. The community has 72 lots and approximately 35 percent of the homes are owned by the community.
The acquisition is the second manufactured housing purchase in recent years for Shopoff Realty Investments, according to the company’s President & CEO William Shopoff. He added that the asset type offers enormous untapped value as people are exploring the possibility of an alternative to traditional housing.
A recent Marcus & Millichap report shows the industry closed 2020 with encouraging numbers due to ever-growing demand and very low new supply.