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Cobblestone Real Estate Completes Manufactured Housing Joint Venture
1 September 2021
New York – July 23, 2021: On July 23, 2021, our client Cobblestone Real Estate (“Cobblestone”) completed the sale of Cobblestone SPC MHC Fund I LP, (“Fund I”), a portfolio of eleven Class-A U.S. manufactured housing properties across four states, to a newly formed joint venture with an institutional state pension plan (“Investor”). The Investor was advised by MetLife Investment Management (“MIM”). In conjunction with the closing of the venture, Cobblestone entered into a second joint venture agreement within the venture’s general partner, whereby Silverpeak Real Estate Partners (“Silverpeak”) will participate in the transaction alongside Cobblestone.
Evercore acted as the exclusive financial advisor to Cobblestone.
Cobblestone Real Estate is a privately-held real estate company which acquires, repositions, and operates investment-grade manufactured housing communities (MHC) and RV resort properties in the U.S. Cobblestone focuses on the Sunbelt markets with strong economic and demographic demand drivers. Formed in 2013, Cobblestone provides institutional investors and investment managers with access to the MHC asset class through proprietary funds, off-market joint ventures, and property management. Over the past 20 years, Cobblestone’s leadership team has collectively acquired and/or managed $2.2 billion of MHC/RV assets, consisting of over 116 MHC/RV properties comprised of more than 33,000 individual home sites located across the U.S.
Silverpeak Real Estate Partners (“Silverpeak”) is a US-focused real estate investment firm specializing in the acquisition and management of real estate investments across various funds, joint ventures, and separate accounts. Since inception in 2010, Silverpeak and its investment partners have acquired over 225 separate investments totaling more than $21 billion in gross asset value across property types and U.S. geographies. Investments include direct property, platforms and real estate companies, as well as development opportunities alongside experienced partners.