Berkadia Completes the Sale of National 46-Community 10,000 Site Manufactured Housing Portfolio, in Cooperation with Capstone Companies
ORLANDO, FL and COLUMBUS, OH – November 1, 2023 – Berkadia announced today, in cooperation with Capstone Companies, the sale of the Moore Portfolio, a 10,000-site manufactured housing portfolio consisting of 46 communities across six states. Director Brian Hummell, Managing Director Ian Hilpl, Senior Managing Director Kevan Enger, and Director Hunter LaRocca of Berkadia Manufactured Housing led the sale in cooperation with Capstone Companies on behalf of the seller and buyer. The deal closed on November 1.
“Jim Moore is truly an inspiring figure as his humble beginnings into the manufactured housing sector consisted of a 20-site park in California, while coaching small college football in his early 40’s,” said Hummell. “With a ‘homes for sale’ sign in front of their park, Jim and his wife Marion were getting little interest until a home dealer offered to fill the lots. The rest was history and Jim traveled the country to buy more parks throughout the 80’s. It has been a tremendous pleasure getting to know Jim and Marion over the years and to work with them on this successful transaction.”
“This was an attractive opportunity for the buyer as this portfolio is one of the last remaining in the space of this scale owned by a private individual,” said Hilpl. “The portfolio consists of larger assets with the average community being over 200-sites and relatively stabilized occupancy of 87 percent. However, there are substantial efficiency opportunities that the buying team will be able to optimize through their expertise in the asset class. Our team is grateful to have facilitated this transaction for the buyer and assist in adding tremendous scale to their existing portfolio.”
The Moore Portfolio consists of 46 communities across six states. There are 6 communities in Florida, 8 communities in Missouri, 2 in Montana, 22 in Ohio, 6 in Illinois, and 2 in Indiana.
Capstone Sells 46-Property MHC Portfolio | Multi-Housing News