Cobblestone Real Estate, an Illinois-based private real estate investment and management firm, has closed its first proprietary fund, Cobblestone SPC MHC Fund I (CRE I), with $72.1 million in capital commitments.
CRE I makes real estate investments in the manufactured housing community and RV resort sector with a focus on Sun Belt state markets.
Within its target geography, CRE I acquires manufactured housing properties at many different stages, with a focus on asset repositioning through an active management campaign that includes customized property improvements, professional branding, institutional-level financial reporting and operations.
To date, the fund has invested $31 million across eight properties in Arizona, California, Florida and Nevada.
