FG Communities Holdings acquired a manufactured housing community in Garner, North Carolina, expanding its affordable housing portfolio in the Raleigh metropolitan area.
The property includes 49 homesites across more than 59 acres.
The community is located southeast of Raleigh in the Research Triangle region.
FG Communities said the Garner market has experienced population growth supported by its proximity to Raleigh and the region’s diverse employment base.
The property provides residents with access to nearby employment, shopping, and services while offering an alternative to conventional housing.
The company said manufactured housing communities continue to represent an important source of unsubsidized affordable housing as housing costs rise across the region.
FG Communities intends to preserve the community while investing in improvements for residents.
The acquisition aligns with the company’s strategy of acquiring income-producing manufactured housing properties in growing markets where affordable housing demand remains significant.
FG Communities Holdings operates as a real estate-focused company and merchant bank investing in land-lease affordable housing communities.
Its strategy combines direct ownership of manufactured housing communities with a minority investment in FG Communities Inc., an independently operated private company that owns and operates communities across the Southeastern U.S. and sponsors Delaware Statutory Trusts.
FG Communities Holdings and its associated entities have a combined footprint of 102 communities representing more than 4,500 homesites.
The company said it plans to continue pursuing additional acquisitions using a disciplined approach focused on affordable housing and income-producing real estate.
KEY QUOTES:
“This community fits our strategy of acquiring income-producing properties in growing markets where affordable housing serves a clear need. Our goal is to preserve and improve these communities for residents while building long-term value for our shareholders. We look forward to pursuing additional acquisitions with the same disciplined approach.”
Kyle Cerminara, Chairman and CEO of FG Communities Holdings
