A partnership between Cook Properties and Waterfall Asset Management has acquired a 2,300-pad manufactured housing portfolio across New York State. Affordable Great Locations sold the 54-manufactured housing community collection, which also features a full-service sales center.
The purchase was secured by a $69.5 million Fannie Mae credit facility loan, and made Cook Properties the largest owner and operator of manufactured housing communities in the state, according to company officials.
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The deal also included Cook Properties absorbing Affordable Great Locations’ entire staff, more than doubling the company’s employee count. To accommodate the expansion, Cook is expanding and renovating its headquarters at 90 Airpark Drive in Rochester, N.Y., and the recently purchased adjacent 30,000-square-foot flex building.
In addition, Cook Properties also has plans to develop a 100-acre mixed-use project in Canandaigua, N.Y. According to General Partner & CEO Jeff Cook, the company intends to start construction on Uptown Landing by the end of the year. The mixed-use project is set to feature apartments, townhomes and manufactured housing, bringing much-needed new supply to the manufactured housing industry, which regardless of ever-growing demand is still struggling to add new assets to the inventory.
