02 Sep MHRE Closes the Matrix MHC Portfolio
On August 4th, 2016 MHRE closed the Matrix MHC Portfolio to a undisclosed buyer. The portfolio consisted of 11 communities in Michigan, of which 4 were 55+, and 2 in Alabama, with a total combined site count of 7,253 sites.
Christopher Nortley, Managing Partner of MHRE explained, “Matrix had a ton of interest in their portfolio, but based on the size, core location, and their home portfolio, it really came down to a hand full of operators that had the capability to acquire a portfolio of this size, but more importantly, an operator that understands the value add component of the home portfolio.“
Enrico Scarda, Chief Executive Officer of The Matrix Group commented, “Matrix acquired and successfully stabilized its portfolio which was positioned for a new operator to take the portfolio to the next level. MHRE and the entire team at The Matrix Group worked hand-in-hand with the purchaser to close the transaction. Matrix will continue to grow its portfolio of properties both on a residential and commercial platform.”
The consummation of the sale is particularly poignant for Matrix since the portfolio was acquired and developed under the leadership of Matrix’s founder, Glen Nelson, who passed away last December. Scarda added that “the sale is bittersweet. It is a success story for the company but highlights the value of the strategic vision and business acumen of the leader that we lost.”
MHRE Inc. specializes is the brokerage & advisory of Manufactured Home and RV communities across the country. Please contact us if you have any questions about this press release or are looking to buy or sell MH/RV communities.
Contact Christopher Nortley at MHRE Inc. 586-884-8416 or firstname.lastname@example.org for more information.