Silver Portal Capital Announces Closing of $72.1M Cobblestone SPC MHC Fund I
Silver Portal Capital announces the final closing of a $72.1M fund with partner Cobblestone Real Estate to acquire and reposition manufactured housing communities nationwide.
SAN DIEGO, Jan. 14, 2020 /PRNewswire-PRWeb/ -- Silver Portal Capital and Cobblestone Real Estate are pleased to announce the closing of the Cobblestone SPC MHC Fund I – the first in a series of proprietary funds designed to acquire and reposition both all-age and age-restricted (55+) manufactured housing communities (MHC) and RV resorts nationwide. The fund's investment strategy focuses on repositioning through an active management campaign that includes customized property improvements, professional branding, institutional-level financial reporting and operations. To date, the fund has invested approximately $46 million across ten (10) properties in Arizona, California, Florida and Nevada.
The MHC investment thesis sits at a unique intersection of true supply constraint and almost unlimited demand. "Only 10 new MHCs have been developed in the U.S. over the past two decades despite housing affordability remaining at an all time low," T.K. Frantz, Managing Director at Silver Portal Capital describes. Demand for MHC property – one of the most affordable, non-subsidized forms of housing – is extremely robust and the underlying demographic drivers suggest this demand will only continue for years to come. Given its fundamental supply-demand characteristics, it should come as no surprise that MHC has proven to be the least sensitive property type to negative changes in GDP and is a strong performer throughout economic downcycles."
Silver Portal expects to be in the market with Cobblestone SPC MHC Fund II – a $100 million offering – by the middle of 2Q20.
About Silver Portal Capital
Silver Portal Capital (http://www.silverportalcapital.com) is one of the nation's premier real estate investment/merchant banking and advisory boutiques, providing a full complement of strategic/financial advice and capital raising services for high-quality private platform operators as well as public and non-traded REITs. Silver Portal also sponsors targeted real estate discretionary funds in demographically-driven property types, and tax-advantaged, 1031 Exchange investment opportunities in beneficial interests of Delaware Statutory Trusts (DSTs) or whole ownership. The principal and partners of Silver Portal has been involved in advising on and raising capital of more than $20 billion in over 150 transactions, exclusively in the real estate sector.
About Cobblestone Real Estate
Founded in 2013 and headquartered in Oakbrook Terrace, Illinois, Cobblestone Real Estate LLC (http://www.cobblestoneassets.com) is a fully-integrated real estate investment and management firm focused on manufactured housing communities and RV resort properties. Cobblestone provides institutional and private investors, as well as investment managers, access to the attractive MHC/RV asset class through proprietary funds, off-market joint ventures and expert property and asset management. In total, Cobblestone and its principals have acquired over $1 billion of MHCs throughout the United States and have experience acquiring, underwriting and managing over $2 billion of diversified real estate throughout their careers. The platform has both property and asset management capabilities, and the team actively manages the process of acquisition, ownership and disposition.
THIS PRESS RELEASE DOES NOT CONSTITITUE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES. COBBLESTONE SPC MHC FUND I IS CLOSED TO NEW INVESTORS. SECURITIES OFFERED THROUGH CHALICE CAPITAL PARTNERS, LLC, MEMBER FINRA/SIPC.
SOURCE Silver Portal Capital
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