Michigan MHC Portfolio

Case Study: Manufactured Housing

Property Info

Property Type: Manufactured Housing

Date Closed: October 2025

City, State: Norton Shores, Mount Pleasant, Whitmore Lake, Comstock Park, Michigan

Units: 335

Year Built: 1967 - 1986

Property Objectives

The Michigan MHC Portfolio presented an investment opportunity encompassing four manufactured housing communities totaling 335 homesites across Michigan. The seller’s objectives were to achieve a premium price for a stabilized portfolio with below-market rents, strong occupancy, and public utility bill-back features that enhanced net operating income. The buyer was looking for a turn-key, scalable investment with room for revenue growth through rent optimization, additional lease-up, and continued operational improvements while benefiting from immediate, consistent cash flow in a high-demand affordable housing segment.

Berkadia Solution

To meet these objectives, Berkadia leveraged the close collaboration between its Investment Sales and Mortgage Banking teams. This unified approach enabled a streamlined sale and financing process, coordinated marketing, and consistent communication at every stage of the transaction. By combining deep market knowledge with tailored financial solutions, the team was able to highlight both the stability and growth potential of the portfolio, navigating the complexities of a multi-site, multi-market transaction and ensuring a smooth experience for all parties.

Client Results

The result was a highly successful transaction that fulfilled both seller and buyer goals. The seller benefited from strong market exposure and expert positioning, achieving a sale that reflected the true value and operational strengths of the portfolio. The buyer acquired a well-performing portfolio with significant upside and minimal disruption, thanks to the integrated efforts of Berkadia’s teams. The seamless process from marketing through closing demonstrated Berkadia’s ability to deliver more than a traditional broker or lender, providing exceptional value through coordinated, client-focused teamwork.

Berkadia Manufactured Housing

Learn More

Client Stories

Sunburst
Apartments

Berkadia is dedicated to leading the digital transformation of commercial real estate with investments in technology like Esusu, a rent-reporting platform created to build tenants’ credit. Multifamily property owners who implement Esusu can decrease evictions and vacancies and maximize NOI. As partners, Berkadia borrowers may receive closing cost credits and discounted rates.

Read More

551 W PRENTICE AVE

As Freddie Mac’s #1 Optigo® Lender and Fannie Mae’s #2 DUS Producer, Berkadia Small Loans is skilled in navigating GSE programs to find the best loan executions for our clients. Though the lending landscape continues to evolve, agency small loan executions remain one of the best options for investors who recognize the value of optionality and take advantage of rate locking.

Read More

Credit facility executions allow borrowers to arrange flexible financing terms for a portfolio of properties on a cross-collateralized and cross-defaulted basis, with property addition, property release, property substitution, and borrow-up capabilities for all asset classes. Kairos Investment Management Company and Berkadia secured a $175 million credit facility backed by Fannie Mae.

Read More

We recently partnered with Freddie Mac and Spira Equity Partners to help rehabilitate and preserve 392 units of affordable housing for the residents of Brittany Bay Apartments. Brittany Bay has the most units of any community in a High Opportunity Area that Freddie Mac has financed.

Read More

The Fairfield Affordable Housing Preservation Fund is focused on acquiring rent and income-regulated affordable housing assets in markets throughout the U.S. The Fund is Fairfield’s first affordable housing-focused investment vehicle open to third party investors and will leverage Fairfield’s 20-year history of investing and managing LIHTC multifamily assets.

Read More

A lot with a vacant commercial building that’s fallen into disuse has been transformed into new housing for Los Angeles’ homeless community by development company and Berkadia partner, Aedis Real Estate Group. Berkadia originated $50 million in Freddie Mac’s TEL forward commitments that will finance Hope at Avalon, as well as two sister projects Hope on Broadway and Hope on Hyde Park.

Read More

JASA is a longtime Berkadia client and non-profit organization committed to the safety, health, and well-being of seniors. Recently, Berkadia financed $46M+ in loans for two JASA properties under the HUD 223(f) program. In addition to repairs and upgrades, the higher leveraged, low interest rate loans enabled JASA to allocate funds to programs benefiting their residents.

Read More