BaseCamp Capital and Stockbridge Real Estate Funds have jointly purchased the CMH Parks portfolio of manufactured housing developments from Tennessee-based company Clayton Homes. Terms of the transaction were not disclosed.
The CMH Parks portfolio consists of 65 manufactured housing communities in 11 states across the US. The deal represents a “solid foundation to provide a truly affordable housing solution to the communities in which they are situated,” Gary McDaniel, senior managing director of Basecamp, said in a statement.
BaseCamp plans to continue operations of more than 18,000 existing homes. Clayton, which also owns and operates 13 subdivisions, was acquired by Berkshire Hathaway in 2003.
Stockbridge Real Estate Funds, which has invested more than $8.5 billion across a variety of property sectors, recently partnered with Los Angeles hospitality, nightclub and real estate developer SBE Entertainment to acquire the Sahara Hotel and Casino on the Las Vegas strip.
BaseCamp, founded in 2004, is managed by former executives of Denver-based REIT Chateau Communities and focuses on specialty property deals.