Sunrise Capital Buys Columbus Manufactured Community
The age-restricted property is almost fully occupied.
Sunrise Capital Investors has acquired Ponderosa Mobile Home Estates, a 108-lot, age-restricted manufactured housing community in Dublin, Ohio. The asset traded for almost $2.9 million, according to Columbus Business First.
The community serving residents 55 and over was 97 percent occupied at the time of sale, with residents owning 105 of the homes, underpinning manufactured housing demand in the area.
Ponderosa Mobile Home Estates is at 6333 Rings Road, adjacent to Avery Crossings, a master-planned development slated to add roughly 1,800 homes, new retail and restaurants, as well as nearly 50 acres of parks and trails. Downtown Columbus is some 18 miles away.
The firm will operate the property through its in-house management arm, Sunrise Communities. The company described the deal as fitting its light value-add strategy, citing the property’s high occupancy and limited new-supply competition in the market.
Despite the historic bias faced by manufactured housing, the sector has been making headway as of late, especially in the context of declining housing affordability. With the 21st Century ROAD to Housing Act going into effect, the segment should face fewer hurdles, which should in turn boost both development and investor interest.
Sunrise Capital’s growing manufactured portfolio
Founded in 2014, Sunrise Capital Investors is a Florida-based private equity firm focused on mobile home park and parking facility investments. As of the second quarter, the company had more than $475 million in assets under management.
The new acquisition adds to Sunrise’s existing Columbus-area manufactured housing footprint, which totals roughly 800 units. The company also owns Courtyard Estates, which it acquired in the fourth quarter of last year. The manufactured housing community has 67 lots and was 87 percent occupied at the time of the deal.
