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1/30/26
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Ballast has acquired Serene Terrace, a 55-plus, manufactured housing community in Lynwood, WA, within the Seattle metropolitan area, for $22.8 mil. Serene Terrace includes 131 sites and is currently 90% occupied.
Ballast has allocated nearly $2.5 mil toward capital improvements focused on upgrading infrastructure, enhancing amenities, and driving lease-up activity. As part of the business plan, the firm will bring under-market rents closer to prevailing levels through natural turnover, while also activating 10 vacant sites with newly installed manufactured homes.
Strategically situated just north of Downtown Seattle, Serene Terrace benefits from close proximity to major thoroughfares and employment centers. The property offers residents an affordable housing solution priced approximately 57% below the cost of nearby single-family housing, in a region where manufactured housing occupancy currently stands at 99.2%, indicating extremely limited supply.
Ballast was led by Pace Barker, Principal of Investments, in the transaction. Barker notes that nearly 600,000 people reside within a 10-mile radius, and the 65+ age demographic is expected to grow at rate of 2.7% over the next five years. These demographic fundamentals provide strong tailwinds supporting the long-term investment value of the property.
The community was sold by Three Pillar Communities. Zach Koucos with JLL helped to arrange a $10.4-mil loan from AEGON USA Realty Advisors LLC to finance the transaction.
The purchase strengthens Ballast’s growing manufactured housing portfolio and furthers the national growth of the firm's residential platform, which currently comprises more than $3 bil in assets under management.
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