TH Arizona Portfolio
In February 2020, a Crow Holdings Capital fund acquired 17 manufactured housing communities totaling 1,050 individual pad sites in Arizona and centrally located across the Phoenix, Chandler, Tempe, Mesa, and Glendale area, notable for its outsized job growth, affordable cost of living, and net migration. The portfolio provided the opportunity to employ a significant value-add program to improve the quality, operational efficiency, and occupancy of these underserved assets. Over 500 homes throughout the portfolio were renovated, older homes were replaced, infrastructure was enhanced, and new homes were installed to fill the vacant pad sites, improving curb appeal.
All 17 assets were sold in one portfolio in December 2021, capitalizing on the strong investment demand in Phoenix and on the improvements that were made.
“Do the right thing because it’s the right thing to do.” “ ”
- Trammell Crow