Monolith Acquires Northern California Manufactured Housing Communities
SACRAMENTO, Calif. (PRWEB) June 24, 2018 -- Monolith, LLC, a private equity mobile home park investment firm focused on acquiring, owning and operating manufactured housing communities in the western U.S., announced today its acquisition of two land-lease communities with a total of nearly 300 spaces.
The acquisitions included The Meadows, a 212-space all-ages community in Chico, California and Hillcrest MHP, an 81-space all-ages community in Foresthill, California. The communities will be managed on a daily basis by an affiliate operator, Monolith Properties of Sacramento.
Monolith’s plans for improvement include renovations of the clubhouse, pool areas and other common areas, improved signage and branding, increased occupancy through remodeled mobile home sales and placement and sale of new manufactured homes, utility infrastructure enhancements, and continued disciplined enforcement of community rules and regulations.
The acquisition of these two communities advances Monolith’s strategy of acquiring high quality assets with value-add opportunities – leveraging the potential provided by recapitalizing an asset with the innovative operational capabilities of MHP-operator Monolith Properties.
Monolith plans to continue acquiring mobile home parks in California, Oregon and Nevada, building on its successful investment platform to maximize returns and mitigate risk for its investor partners, while providing critically needed affordable, unsubsidized housing options in a region with limited supply but growing demand by people of all ages, including seniors.
Andy Carey, Monolith’s Principal, commented, “Our team is proud of and excited by the recent acquisitions of these two communities in markets with growing demand for what we provide. Each community offers homeowners attractive housing options, in pet-friendly environments, with desirable amenities like pools, spa, clubhouse, tree canopies, and green spaces. Both communities provide options for residents of all ages, including seniors, so that we can offer these attractive neighborhoods to all. ”
Carey’s partner, Monolith Principal Mark Weiner, added “The stigma of leased-land living has diminished greatly, and many homeowners are choosing this unique and attractive housing option due to the many benefits of park living, not the least of which is to live the American dream – owning your home – in the most affordable way. We are excited to continue growing the Monolith portfolio through our pipeline of deals in the West.”
About Monolith, LLC
Monolith, LLC is a Sacramento-based private equity mobile home park investment firm focused on acquiring, owning and operating manufactured housing communities in the western U.S. Monolith Properties is the affiliated operator tasked with daily property management of each community. Together, the Monolith team combines exceptional investment strategies with comprehensive operational discipline to ensure maximized returns and investment value. Monolith's objective is to acquire, own and operate high-quality manufactured housing communities that generate outstanding risk-adjusted returns while preserving and enhancing long-term asset value. For additional information, please visit Monolith’s website at http://www.monolithparks.com.
Andy Carey, Monolith Properties, http://monolithparks.com, +1 (916) 299-3078, [email protected]
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