The purchase gives Third Avenue a 5.28% stake in Affordable Residential, which is the nation's largest publicly traded real estate investment trust investing in manufactured residence communities.
As earlier reported by GlobeSt.com, Dallas financier billionaire Gerald Ford also recently took a big stake in Affordable Residential Communities, according to SEC documents. Affordable Residential operates 64,000 home sites in 315 communities in 27 states.
Third Avenue operates a family of mutual funds, including the Third Avenue Real Estate Value Fund. Affordable Residential would not be the only holding in the fund with Denver ties. As of March 31, its second largest holding, at 7.79% of its assets, is Forest City Enterprises, a Cleveland-based company is that is redeveloping the former Stapleton International Airport in Denver, the nation's largest urban infill development. Its sixth largest holding is Aurora-based ProLogis, which accounts for 3.9% of the mutual fund's holdings.
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