Hometown America, a Chicago-based real estate investment firm specializing in manufactured housing properties, has refinanced Audubon Estates, a 700-site manufactured home community in Alexandria, Va., with a Freddie Mac loan arranged by JLL Capital Markets.
The size of the seven-year, fixed-rate loan could not immediately be learned. The loan will be served by JLL Real Estate Capital LLC, a Freddie Mac Optigo lender.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Zach Koucos, Senior Director Chris Collins and Vice President Bharat Madan. Koucos, in a prepared statement, said the transaction demonstrates the continued liquidity within the capital markets for quality manufactured housing communities and top tier sponsors. Last month, Koucos and Collins were part of a JLL Capital Markets team that arranged more than $300 million in financing for the acquisition of a 40-asset manufactured housing portfolio spread across six states.
Built in 1972, Audubon Estates has operated at 100 percent occupancy with no vacancy for the past 20 years. Located at 7930 Audubon Ave., the community is 5 miles from the Huntington Metro Station, 6 miles from historic downtown Alexandria and 14 miles from downtown Washington, D.C.
The community has 11 playgrounds, a basketball court and other sports fields, picnic areas, RV and boat storage area and bus and train access. Residents can also visit nearby trails, Fort Hunt Park and Muddy Hole Farm Park, a Fairfax County park with sports fields, tennis courts and a playground and tot lot, all of which are less than 10 minutes away.
Hometown assets
In March 2022, Hometown America acquired Mary Manor Estates, a 116-site manufactured housing community in Sunnyvale, Calif., from a private seller for $39 million. Built in 1974, that asset was fully leased at the time of the sale and is located about 12 miles from San Jose and less than 40 miles south of San Francisco.
The firm also purchased two manufactured housing communities in California totaling 410 home sites in September 2021. A month earlier, Hometown America refinanced five manufactured housing communities in Massachusetts, New Jersey, Illinois and Florida for $178 million in a deal arranged by PGIM Real Estate.
