AUBURN, Calif., Oct. 16, 2020 /PRNewswire/ -- Saratoga Group has announced their newest Opportunity Zone Fund (Fund VII) at a target raise of $30M. "Similar to our previous OZ Funds, we believe Fund VII will provide excellent risk-adjusted returns to our investors," said Steve Sacher, the new COO of Saratoga Group. Fund VII has 4 Mobile Home Communities (MHCs) under contract in Memphis TN, Nacogdoches TX, and Phenix City AL.
Saratoga Group is projecting Fund VII will purchase $43M+ of MHCs with more than 2000 community sites in over 25 communities. "We will be applying our formula of adding playgrounds, new asphalt, soccer fields, BBQ pavilions, and solar street lighting," according to Luke Hales, CTO at Saratoga Group.
"We continue to be enthusiastic about these Opportunity Zone investments," says CEO Sam Hales. "We believe this investment thesis is superior to other OZ investments where development of Class A apartments, hotels, or investment in start-up businesses carry significant idiosyncratic risk. We are also able to truly impact the availability of low-income housing; in other words, helping the families and communities that need it the most."
The average lot rent at an MH community in the United States is less than $300/mo. The average community Saratoga Group purchases is only 55% occupied. In Fund VII alone, Saratoga Group projects they will be able to provide new affordable housing for over 1000 families.
Saratoga Group is doubling down on their investment into the Manufactured Housing space. They are projecting they will have 5000 lots under ownership and management by the end of 2020.
About Saratoga Group
Saratoga Group was established in 2011 and has been exclusively focused on the acquisition and improvement of Mobile Home Communities for the past three years.
For additional information regarding Saratoga Group or upcoming investments, please contact them at [email protected] or 916 596-9000. These investments are only available to accredited investors per Reg D 506(c).
Media Contact:
Patty Cun
Phone: 916.596.9000
Email: [email protected]
SOURCE Saratoga Group
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