YES! Acquires Substantial Portfolio of Manufactured Housing Communities
DENVER, Aug. 7, 2012 /PRNewswire/ -- 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!.
YES! Communities owns and operates 117 communities in 16 states, with over 30,000 home sites. The company currently has 560 employees nationwide. YES!'s unique operating model and strong corporate culture has garnered it the Community Operator of the Year award by the Manufactured Housing Institute for the past three years. For additional information on YES!, please visit www.yescommunities.com.
Stockbridge Capital Group is a real estate investment management firm founded in 2003. As of March 31, 2012, Stockbridge, together with its affiliates, had approximately $5 billion of assets under management spanning all major real estate property types throughout the United States. Stockbridge is headquartered in San Francisco with offices in Chicago, New York and Atlanta. For more information, please visit www.stockbridgerealestate.com.
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