This is Saratoga Group’s second Qualified Opportunity Fund (QOF). Saratoga Group is exclusively purchasing existing Mobile Home Communities within QOZs. With their investors, they currently own and manage 14 MHCs in California, Kansas, Illinois, Georgia, Florida, and Alabama.
This new fund has five communities currently in escrow in Texas, Florida, and North Carolina. They anticipate that the fund will acquire approximately 10 communities to fill its full capital commitment of $15M. They are able to purchase assets with in-place cash flow and incrementally improve the economic performance through renovations, filling up empty lots with new homes, and bringing “best practices” for operating the communities.