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9/18/20
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A joint venture partnership between an institutional investor and Treehouse Communities has obtained $46.44 mil in financing for a manufactured housing portfolio totaling 1,050 home sites within 17 manufactured home communities in the Phoenix and Tucson metropolitan areas. The financing was arranged by JLL Capital Markets.
The portfolio comprises 16 communities well-located in the Phoenix area and one property in the Tucson MSA. All the communities have convenient access to major highways and Interstates 10 and 17. Of the 1,050 home sites, 179 of the homes are park-owned.
As one of the fastest growing metros in the nation, Phoenix has nearly doubled in size since 1990 and ranks seventh in population growth this decade. The city is forecasted to remain a top growth market for the next five years due to strong employment and in-migration and remains the top market for multifamily rent growth in the nation.
The JLL debt placement team leading the financing efforts included Managing Director JLL’s Zach Koucos, Chris Collins and Jeremy Womack arranged the three-year, floating-rate loan through a balance sheet bridge capital source. Loan proceeds were used to recapture equity and provide funds for capital improvements to the properties.
“Due to rising single family home prices, manufactured home communities have experienced strong occupancy and revenue growth and as a result, rising investor interest,” noted Koucos.
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