Northstar Realty Finance Corp (NYSE:NRF) has announced the closing of $345 million of an approximately $400 million manufactured housing (MH) portfolio comprised of 16 manufactured housing communities (MHCs). Located primarily in Colorado and Texas, this purchase adds 5,900 homesites to the company’s stable. As einnews.com informs MHProNews.com, this REIT’s (real estate investment trust) $1.6 billion holdings now amount to 123 communities with more than 29,000 homesites. NorthStar’s Chairman and Chief Executive Officer, David Hamamoto, commented, “We are extremely pleased to acquire another sizable 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.” The name of the seller was not disclosed.
(Photo credit: thinkstock.com–manufactured housing community)