Emery Hills is a 105-site manufactured housing community that was purchased in November, 2019. At the time of closing, only 46 lots were occupied with a significant amount of deferred maintenance. The team orchestrated a complete overhaul of the community and the aesthetics of the environment for the tenants, where the value add actions included: repaving the roads and parking pads, re-skirting and painting homes, developed a pavilion for tenants, adding street lighting within the community, and general park clean-up. The team brought in 48 new manufactured homes that were leased out to tenants over a period of five months. Emery Hills sold in September, 2020, ten months after acquisition, in an off-market transaction that provided robust returns for the project’s investors.
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