Bedrock has acquired five manufactured housing communities in North Carolina from Horizon Land Co. No financial terms were disclosed.
POTOMAC, MD. (PRWEB) JUNE 18, 2018
BEDROCK I GROUP announces the $18.6 million acquisition of five (5) manufactured housing communities, in North Carolina also known as the “Tar Heel Portfolio” from Horizon Land Co. These properties add 542 lots under our ownership and management across central and southeastern North Carolina. The acquisition came from a direct principal to principal relationship we had with the Managing Principal of Horizon Land Co.
This transaction brings our YTD acquisitions to nearly $23mm, representing north of 650 total lots, an aggregate occupancy of 82.9% and year-one expected cash-on-cash yield of 9.35%. We expect further, steady yield growth as we enhance management and operations of each community.
The “Tar Heel” acquisition puts BEDROCK | GROUP amongst the Top 55 owner operators of manufactured housing communities across the United States. BEDROCK | GROUP remains committed to providing affordable housing solutions to America’s workforce!
BEDROCK | GROUP currently owns and manages over 21 communities across the United States with over 1,800 homes. The company is focused on the ownership, improvement, operations and management of manufactured housing communities across the United States. BEDROCK | GROUP’s real estate private equity funds also provide investors with high and steady payable yields from the ownership and operations of the underlying communities.