Ballast, a vertically integrated real estate investment and operating company, has acquired Serene Terrace, a premier 55-plus manufactured housing community in Lynwood, Wash., for $22.8 million.
Serene Terrace includes 131 sites and is 90 percent occupied. Ballast has allocated nearly $2.5 million toward capital improvements focused on upgrading infrastructure, enhancing amenities and driving lease-up activity. As part of the business plan, the firm will bring under-market rents closer to prevailing levels through natural turnover, while also activating 10 vacant sites with newly installed manufactured homes.
“We identified Serene Terrace as an exceptional addition to our portfolio given its compelling location, demographic momentum and the considerable upside achievable through proactive asset management,” said Pace Barker, principal of investments at Ballast. “Nearly 600,000 people reside within a 10-mile radius, and the 65-plus age demographic is expected to g
