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Ballast Expands Residential Portfolio with $23M Seattle Investment
Ballast has acquired Serene Terrace, a premier 55-plus manufactured housing community located in Lynwood, Washington, within the Seattle metropolitan area. The $22.8 million transaction represents a significant addition to Ballast’s growing portfolio of manufactured housing communities across the United States.
Serene Terrace features 131 residential sites and is currently 90% occupied. In support of its strategic investment, Ballast has earmarked nearly $2.5 million for capital improvements. Planned upgrades include infrastructure enhancements, updated amenities, and initiatives aimed at increasing occupancy. As part of its growth strategy, Ballast will look to adjust under-market rents to reflect current market rates through natural lease turnover. Additionally, the company plans to activate 10 vacant sites with the installation of new manufactured homes.
The acquisition was spearheaded by Ballast’s in-house acquisitions team, led by Barker, who negotiated with the previous owner, Three Pillar Communities. Financing for the deal was facilitated by Zach Koucos, a Senior Managing Director at JLL, who arranged a $10.4 million loan from AEGON USA Realty Advisors, LLC.
This latest acquisition reinforces Ballast’s commitment to expanding its national footprint in the manufactured housing sector. The company’s growing portfolio now spans several states, including Idaho, South Carolina, Texas, and Washington.
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