The $193 billion-in-assets Carlyle Group is collaborating with the owners of Pacific Skies Estates, a 93 site manufactured home community (MHC) overlooking the Pacific Ocean in California to upgrade the utilities, streets and build a 1,000-foot-long boardwalk along the edge of the bluff.
The $42 million deal includes buying luxury manufactured homes for the community, and in addition to the upgrades, Carlyle will own a majority stake in the 60-year old community, according to what bizjournals tells MHProNews. Unlike many MHCs where the owners own the homes and lease the home site, Pacific Skies will own the majority of the homes as well.
The massive private-equity firm headquartered in Washington, D. C. entered the MHC ownership market when it acquired two Florida MHCs in 2013 for $30.8 million, as MHProNews reported Oct. 15, 2013. ##
(Image credit: CRP/PSE Seaside Pacifica Venture--Pacific Skies rendering)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.