24 Hour Local Real Estate News

GMF Group Raises $250M For Manufactured Housing

GMF Group has raked in roughly $250 million from the closing of its latest funding round and plans to keep up nationwide investments in housing communities.

Since launching GMF Group Fund II, the real estate firm has acquired 43 manufactured housing communities (MHCs) in both North Carolina and Florida. Plus, the company said it is under contract to buy five MHCs in undisclosed cities in the Midwest and Southeast regions, accounting for about 400 lots.

In addition to acquiring assets, Group Fund II is making renovations to properties, which includes improving infrastructure, bolstering amenities and common areas, paving and landscaping, as well as implementing new affordable homes. GMF, which has invested almost $30 million in its MHCs portfolio, hopes that these moves will provide a boost in value for both residents and investors.

“Manufactured housing remains an overlooked asset class with significant potential,” Gabe Monfried, co-founder and managing partner of GMF, said in a statement.

“Through GMF Group Fund II, we will continue to leverage our institutional expertise and innovative strategies to uncover and capitalize on opportunities, enhance operational performance, and deliver long-term value.”

GMF, which mainly focuses on MHCs, manages thousands of lots and units across its portfolio. Recently, the Palm Beach-based firm announced that it closed a $65 million commercial mortgage-backed securities refinancing for 17 Florida MHCs.

As manufactured homes are viewed as a cheaper alternative, the US Department of Housing and Urban Development in 2024 supported these efforts by setting aside $225 million in federal funding for these communities and homes. At the time, 22 million Americans were housed in a manufacturing home. But now a new Trump administration has entered the Oval Office and it remains to be seen how they tackle the housing crisis.

Reprinted with permission from the Tuesday, 21 January 2025 17:30:04 EST online edition of GlobeSt © 2025 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.