OZ Impact Funds has acquired 21 manufactured housing communities from Strive Communities, which includes 2,740 manufactured housing pads across five Midwestern states. The $100 million acquisition adds to OZ’s growing portfolio of 11,400 communities acquired in just two years, increasing its portfolio by 30 percent.
“As we bring these communities into our growing platform, we understand our responsibility as community stewards for our tenants,” said Jeff Bennett, managing partner at OZ Impact Funds. “We appreciate working with the Strive team on this transaction and look forward to more acquisitions like this in 2021 and beyond.”
With the pandemic slowing affordable housing construction, the nation is short more than seven million homes for extremely low-income renters, according to the National Low Income Housing Coalition.
Oz Impact Funds Acquisition Strategy
“Our aggressive plan to continue to increase affordable housing units could not come at a better time,” said Bennett. “Acquiring mismanaged and under-capitalized manufactured housing communities to implement a hands-on, value-added approach brings benefits to both residents and investors.”
Oz aims to own and operate 20,000 homesites by 2022, and with the recent acquisition has expanded its manufactured housing community presence in Wisconsin, Nebraska, Illinois, Indiana, and Kentucky.
“With every acquisition, we improve communities for American families,” he said. “Adding these 21 communities to our expanding portfolio of MHCs is the perfect fit.”
Oz is a national leader in the manufactured housing community market, which has seen significant consolidation in recent years.
“Simply put, our mission is to revitalize dilapidated communities across the United States and provide affordable, safe and clean housing to American families by acquiring, investing in and operating MHCs,” OZ managing partner Greg Nelson said. “Identifying such opportunities in areas with strong fundamentals presents an attractive, risk-adjusted return while simultaneously improving the communities in which we invest.
“We believe MHCs are under-utilized in solving America’s housing crisis, and we can offer a meaningful affordable housing option to families looking for alternatives.”
