Three Pillar Communities announces new COO, launches second manufactured housing fund

LOS ALTOS, Calif., April 19, 2022 /PRNewswire/ -- Three Pillar Communities, a vertically integrated manufactured housing investment company operating over 40 communities in 9 states, has hired Corey Wikstrom as its Chief Operating Officer. A seasoned executive in the manufactured housing industry, Wikstrom previously held senior leadership roles at Vineyards Management Group (backed by Utah's state pension fund) and Strive Communities (backed by TPG Inc.).

"Corey is a transformative hire for us," said Daniel Weisfield, co-founder of Three Pillar Communities. "He is a servant leader who has revitalized hundreds of manufactured housing communities across the country."

"Corey is a top talent in the manufactured housing industry," said Jeff Bennett, President of Vineyards Management Group, which currently owns 135 manufactured housing communities across the U.S. "We could not have done what we did at Strive without Corey," said Keith Gee, former CEO of Strive Communities, which grew to 117 communities before selling its portfolio to a strategic acquirer in 2021.

Wikstrom's hiring coincides with Three Pillar Communities' launch of its second mobile home park fund, MHC Fund 2. The fund has a unique multi-decade hold strategy and will acquire mobile home parks, manufactured housing communities, and RV parks across the U.S. Three Pillar Communities revitalizes the properties it acquires by installing new energy-efficient manufactured homes, rebuilding failing infrastructure, and launching neighborhood programs to improve residents' security, health, and financial wellbeing.

Three Pillar Communities plans to "seed" its new fund with several properties, including a new manufactured housing community that it is building outside of Austin, Texas, a recently-acquired RV park serving affordable housing demand in the Denver/Fort Collins market, and a new manufactured housing community development located in an Opportunity Zone north of Boise, Idaho. "We are able to take on 'heavy lift' turn-around projects and even develop new manufactured housing communities on raw land because we are vertically integrated," said Yoel Kelman, co-founder of Three Pillar Communities. "Having boots on the ground lets us get creative to really create value, and that value accrues to both our residents and our investors."

MHC Fund 2 will be open to qualified Accredited Investors until June 30, 2022. Three Pillar Communities deliberately set a low investment minimum for the fund—of $25,000—in order to encourage first-time investors to consider investing. Prospective investors can view additional information at www.threepillarcommunities.com/fund2.

"There is so much opportunity within the manufactured housing industry if you are entrepreneurial and if you treat people right, and that's why I joined Three Pillar Communities," said Wikstrom. "We're renovating communities, developing new communities, and breaking the stereotypes about manufactured housing. It's all about delivering value to our residents." 

SOURCE Three Pillar Communities LLC