CenterSquare JV acquires to-be-built manufactured housing community in Houston
CenterSquare Investment Management, in a joint venture with K8H Ventures, has acquired Piney Woods, a to-be-built 394-lot manufactured housing community located in the Crosby submarket of Houston, Texas.
The acquisition represents CenterSquare’s first private equity investment in the sector and was made via joint venture with K8H Ventures, a local manufactured housing operator.
The property’s central location allows it to benefit from adjacency to both the Port of Houston, which is experiencing significant growth and generating blue-collar jobs, as well as the thriving Lake Houston community. Piney Woods will help address the dilemma of cost-burdened renters who comprise half of this growing metropolitan hub by offering an affordable housing alternative for a market that is witnessing some of the highest population growth rates nationwide. Texas continues to lead the United States for annual manufactured housing shipments by state.
The property will be built