Saratoga Group closes oversubscribed $15M OZ Fund

AUBURN, Calif., July 21, 2020 /PRNewswire/ -- Saratoga Group has announced that they recently closed funding on their latest Opportunity Zone Fund (Fund IV) above their target raise of $15M. "We believe Fund IV will provide excellent risk-adjusted returns to our investors," said Sam Hales, CEO of Saratoga Group. The fund has already purchased Mobile Home Communities in Bloomington, IN, Rockdale, TX, Las Vegas, NV, Greenville, NC, Daytona Beach, FL and Lakeland, FL. In addition, Fund IV recently went under contract for a 261-unit portfolio in Albany, Georgia. 

Sam further commented, "The Covid crisis intensified interest in Fund IV. Collections at mobile home communities have proven extremely resilient over the last few month and reinforced the vitality of affordable housing during a down cycle in the economy."

After this Albany acquisition, Fund IV will own over 1000 lots in 14 separate communities at 62% occupancy. Saratoga's plans include building out an additional 235 permitted lots. "It's been exciting to see the progress so far," said Luke Hales, COO at Saratoga Group. "We have already repaved 4 of the communities with 3 more on the docket for this summer." Other projects include solar street lighting, office renovations, children's playgrounds and even soccer fields and BBQ pavilions.

Fletcher Alexander, Project Manager at Saratoga, said, "The response of our residents and managers as we are transforming their communities has been so rewarding. My favorite recent example is in Rockdale, Texas, where the County Judge, Mayor, and our Manager were all on the front page of the local paper to celebrate a community turn around."

According to Sam Hales, "Post-covid, our business strategy to purchase and revitalize these affordable housing communities has only been strengthened. Collections have been extremely strong and March, April, and May were our three highest months for new move-ins to our communities."

Saratoga Group is doubling down on their investment into the Manufactured Housing space. They are projecting they will have 5000 lots under management by the end of 2020. Saratoga Group is targeting a launch of a third OZ Fund in Q1 of 2021.

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About Saratoga Group
Saratoga Group was established in 2011 and has been exclusively focused on the acquisition and improvement of Mobile Home Communities since 2017.

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