Source: NorthStar Realty Finance / #Manufactured #Housing
NEW YORK, NY - NorthStar Realty Finance Corp. announced the closing of $345 million of an approximately $400 million manufactured housing portfolio comprised of 16 communities containing approximately 5,900 pad rental sites located primarily in Denver, Colorado and Austin and Dallas, Texas. Inclusive of this portfolio, since 2012 NorthStar has accumulated an approximately $1.6 billion manufactured housing portfolio comprised of 123 communities containing over 29,000 pad rental sites.
NorthStar's Chairman and Chief Executive Officer, David Hamamoto, commented, "We are extremely pleased to acquire another sizeable portfolio in the manufactured housing space which has consistently demonstrated stable cash flows, steady rental growth, very low turn-over rates and minimal capital expenditures. Owning pad rental sites in manufactured housing communities is a very attractive, long-term business and we will continue to seek opportunities to scale this business and maximize shareholder value."
NorthStar Realty Finance Corp. is a diversified commercial real estate investment and asset management company that is organized as a REIT. NorthStar recently announced a plan to spin-off its asset management business into a separate public company.