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2/24/26
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Ballast, in a venture with an undisclosed institutional partner, has acquired Higdon Oaks, a new high-end manufactured housing community in San Antonio. The investment represents Ballast’s first acquisition in Texas and comes on the heels of the firm’s acquisition of a premier manufactured housing property in Metro Seattle.
Higdon Oaks is a gated community situated on nearly 100 acres in Southeast San Antonio. The initial investment covers 200 occupied sites, with a structured earnout tied to the lease-up of an additional 247 vacant sites.
Ballast will collaborate with the developer, Live Lone Star Communities, to complete the community, which features amenities typically associated with master-planned developments, including a clubhouse, resort-style pool, fitness center, event space, sports courts, dog park, and 24/7 security.
“Manufactured homes account for less than 2% of San Antonio’s total housing stock, even though the metro ranks among the top 10 nationally for total units,” said Ryan Brewer, Ballast’s Co-Founder and Chief Investment Officer. “As affordability pressures continue, modern manufactured housing with better design, amenities, and more supportive zoning has become a practical path to homeownership in high-growth markets.”
Pace Barker, Principal of Investments at Ballast, led the in-house acquisitions team in negotiations with the seller, Live Lone Star Communities. JLL Senior Managing Director Zach Koucos helped secure a credit facility through Ascent Developer Solution LLC for Higdon Oaks, with the initial proceeds funded at closing.
Manufactured housing continues to play a meaningful role in the U.S. housing landscape, with approximately 7.9 million units representing 5.4% of total housing stock nationwide, according to recent U.S. Census analysis.
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