SAN DIEGO—Investors are recognizing manufactured-housing communities as having the most stable cash flow of any multi-housing class, often with more-favorable returns than traditional multifamily, HFF‘s director Zach Koucos tells As we reported recently, since April, Koucos and managing director Tim Wright have arranged $65.7 million in combined financing for 11 manufactured-home communities totaling 1,605 home sites located in California and Oregon. We spoke exclusively with Koucos about this asset class and what its current appeal is for investors. Is the manufactured-housing market gaining prevalence as an investment target?

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