Manufactured Housing Community has New Owner

The 901 homesite Tri-Star Estates manufactured housing community in Kankakee, Illinois was purchased in April, 2013 by Santefort Real Estate Group for $13 million after prior owner, Capital First, declared bankruptcy in Nov. 2010. Brian Gallagher, chief operating officer (COO) for Santefort, says, “We have a tremendous amount of work to do. I know it can be hard to see, but it’s a night-and-day difference today from where it was only a few years ago.” The company has purchased 24 new homes, 30 homes have been renovated, and another 30 were scrapped. While the community was 90 percent occupied in 1995, the says only about 415 homesites are currently rented. Full occupancy would be 2,400 people living in Tri-Star, double the 1,200 people now living there. One of seven manufactured housing communities owned by Santefort, this not a property they plan to fix up and flip. Says Gallagher, “We are long-term players here. We have the resources to spend what needs to be spent. We’ve told our residents that we are all in this together.” Bob Palian, president of the Tri-Star Residents Association, says “They’ve done everything they said they would. I see better days ahead.” MHProNews has learned the sites rent for $495 each.

(Photo credit:–Tri Star Estates)

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