Ballast Expands Residential Portfolio with $23M Seattle Investment
Ballast has acquired Serene Terrace, a premier 55-plus manufactured housing community in Lynwood, Washington, within the Seattle metropolitan area.
The $22.8 million acquisition strengthens Ballast’s growing manufactured housing portfolio. Serene Terrace includes 131 sites and is currently 90% occupied. Ballast has allocated nearly $2.5 million toward capital improvements focused on upgrading infrastructure, enhancing amenities, and driving lease-up activity. As part of the business plan, the firm will bring under-market rents closer to prevailing levels through natural turnover, while also activating 10 vacant sites with newly installed manufactured homes.
“We identified Serene Terrace as an exceptional addition to our portfolio given its compelling location, demographic momentum, and the considerable upside achievable through proactive asset management,” said Pace Barker, Principal of Investments at Ballast. Barker led Ballast’s in-house acquisitions team in negotiations with the seller, Three Pillar Communities. Zach Koucos, a Senior Managing Director with JLL, helped to arrange a $10.4-million loan from AEGON USA Realty Advisors, LLC to finance the transaction.
The acquisition builds on Ballast’s expanding national portfolio of manufactured housing, which now includes communities in Idaho, South Carolina, Texas, and Washington State.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout