CALABASAS, CA—A combination of rising home prices, increased jobcreation and a large baby boomer population heading into retirementsupports improved occupancy in manufactured homecommunities. This makes the sector more of a draw forinvestors, says Marcus & Millichap.
As a case in point, Capital Square RealtyAdvisors announced earlier this month that it had acquireda portfolio of three manufactured housing parks totaling 1,141units in Ohio and Indiana. It's the latest in a series of investorplays that have included such mega-deals as SunCommunities' $1.32-billion July acquisition of theAmerican Land Lease portfolio from funds of Green CourtePartners.
“Manufactured housing communities are an attractive investmentopportunity, with increasing demand and a tight market givenbarriers to new construction across much of the U.S.,” saysLouis Rogers, founder and CEO of Glen Allen,VA-based Capital Square. “There are a number of Americans that areeither searching for a manufactured vacation home, or are seeking anew housing opportunity as traditional homeownership becomeseconomically unfeasible for a growing percentage of the population.Today, manufactured housing offers an affordable and high qualityalternative.”
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