YES! Communities Announces Acquisition of 24 Manufactured Home Communities and Ninth Consecutive "Operator of the Year" Honor
DENVER, May 8, 2018 /PRNewswire/ -- YES! Communities ("YES!"), one of the nation's largest owners and operators of manufactured home communities, today announced that it had acquired a portfolio of 24 manufactured home communities, comprising over 6,800 residential home sites in the states of Michigan, Indiana, Illinois and Texas, from affiliates of Four Leaf Properties. As a result of the acquisition, YES!'s portfolio now includes 213 manufactured home communities, comprising over 54,000 home sites, in 18 states. While terms of the acquisition were not disclosed, YES! announced that it has completed a total of approximately $450 million in acquisitions so far in 2018, and is continuing to seek opportunities across the nation.
YES! further announced that, at the April convention of the Manufactured Housing Institute, the industry's primary trade group, it was awarded the group's manufactured home community "Operator of the Year" award for the ninth consecutive year. YES! celebrated its 10th anniversary in January, and has won "Operator of the Year" honors in all but one of those years.
Commenting on the Four Leaf acquisition, Steven Schaub, Chief Executive Officer of YES!, said, "This acquisition of family-oriented properties in solid Midwest markets fits exceptionally well into our portfolio and offers considerable upside potential through the leasing of presently vacant home sites. Consistent with our operating strategy, we intend to add new homes on open sites across the portfolio and invite new residents, both prospective homeowners and home renters, to enjoy the community and resident-focused YES! experience."
Commenting on the "Operator of the Year" honor, Karen Hamilton, Chief Operating Officer of YES!, said, "We are proud of our YES! team members nationwide, who have once again been honored by their peers for the exceptional service they provide. Their commitment to resident satisfaction and true community building are what make YES! special and we congratulate them on another successful year."
Debt financing for the Four Leaf transaction included a credit facility from Freddie Mac, arranged by KeyBank. KeyBanc Capital Markets also served as Financial Advisor to YES! in connection with the transaction.
About YES! Communities
YES! Communities is one of the nation's largest owners and operators of manufactured home communities, with 213 communities across 18 states containing over 54,000 residential home sites. Based in Denver, YES! is a recognized industry leader and winner of the Manufactured Housing Institute's community "Operator of the Year" award for the last nine consecutive years. For more information about YES!, please visit www.yescommunities.com.
SOURCE YES! Communities
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