HOUSTON, TX—Capstone Manufactured Housing has brokered the sale of two institutional manufactured housing communities comprising 322 sites within the Houston MSA.
Anderson Oaks is a 177-site community located on the south side of Houston with immediate accessibility to the Sam Houston Tollway Loop. The gated community benefits from strong demand with an average occupancy of 98%, city utilities, and attractive curb appeal. Chase Village is 145 sites located in the east Houston submarket of Baytown. The community benefits from excellent location with frontage to Highway 146 and easy accessibility throughout the Houston MSA. Chase Village sits at 97% occupancy and is one of the premier affordable housing options in the submarket.
Capstone’s Ian Hilpl, Kevan Enger, Brian Hummell, and Hunter LaRocca represented the seller and procured the buyer in the transaction.
“Anderson Oaks and Chase Village are heavily sought-after assets. Houston is the seventh-largest city in the country with very strong growth demographics. The need for affordable housing is extremely high, which is demonstrated with a portfolio occupancy of 98%. Anderson Oaks and Chase Village were unique opportunities as they are some of the few institutional manufactured housing communities in Houston that have not already been acquired by a professional operator. These communities have been owned by the same family for over 35 years who were extremely hands on with operations and instrumental in delivering a high-quality product. With Capstone’s national platform and expertise in the asset class, we were able to deliver record-breaking results for our client,” said Hilpl, director and lead broker on the transaction.