Ballast has acquired Serene Terrace, a premier 55-plus manufactured housing community in Lynwood, Washington, within the Seattle metropolitan area.
The $22.8 million acquisition strengthens Ballast’s growing manufactured housing portfolio. Serene Terrace includes 131 sites and is currently 90% occupied. Ballast has allocated nearly $2.5 million toward capital improvements focused on upgrading infrastructure, enhancing amenities, and driving lease-up activity. As part of the business plan, the firm will bring under-market rents closer to prevailing levels through natural turnover, while also activating 10 vacant sites with newly installed manufactured homes.
Barker led Ballast’s in-house acquisitions team in negotiations with the seller, Three Pillar Communities. Zach Koucos, a Senior Managing Director with JLL, helped to arrange a $10.4-million loan from AEGON USA Realty Advisors, LLC to finance the transaction.
The acquisition of Serene Terrace builds on Ballast’s expanding national portfolio of manufactured housing, which now includes communities in Idaho, South Carolina, Texas, and Washington State.
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