YES! Acquires Substantial Portfolio of Manufactured Housing Communities
August 7, 2013 – YES! Communities (together with its affiliates, YES!), a Denver-based owner and operator of manufactured housing communities and Stockbridge Capital Group, a real estate investment management firm in San Francisco, announced today that they have completed the purchase of a substantial portfolio of manufactured housing communities from American Residential Communities (ARC), also of Denver.
The acquired portfolio is comprised of 42 manufactured housing communities with more than 10,500 home sites in seven states including Iowa, Illinois, North Carolina, North Dakota, Nebraska, Oklahoma and South Carolina. In addition, YES! has hired approximately 120 ARC employees currently working on-site in these communities.
This is the latest in a string of acquisitions by YES!, which since its inception in 2008 has added significant holdings in the Dallas, Texas and Charleston, South Carolina markets. With this acquisition, YES! becomes one of the country’s largest private owner/operators of this real estate type.
“This latest acquisition further demonstrates our commitment to and our belief in manufactured housing and its long-term role as a uniquely affordable housing value for millions of Americans,” stated Andrew Luter, Chief Investment Officer for YES!.
“We are looking forward to adding 42 new communities to the YES! family. We are convinced that YES! Communities adds value with its unique combination of home financing, leased home sites, leased homes and of course a YES! Attitude,” stated Steve Schaub, Chief Operating Officer for YES!.