According to nreionline (National Real Estate Investor), NorthStar Realty Finance Corp. has acquired a portfolio of 71 manufactured home communities comprised of approximately 17,000 home sites for $865 million. Financed with a $640 million mortgage for ten years at 4.02% fixed, the company expects an initial annual yield of 14%. The identity of the seller was not disclosed, but the properties are in five states, mostly in Florida and Salt Lake City, Utah. NorthStar CEO David Hamamoto says, “We are extremely pleased with the acquisition of a second large portfolio in a sector of commercial real estate which has consistently demonstrated stable cash flows, steady rental growth, very low turn-over rates and minimal capital expenditures .” Additionally, MHProNews has learned the company has issued a public offering of $175 million of its 8.50 percent Series D Preferred Stock.

(Photo credit: Forest Green Mobile Home Park–Hudson, Fla.)