QuadReal Property Group has acquired an eight-asset manufactured rental-housing portfolio across several U.S. markets for US$330 million.

The markets including Austin, Tex.’; Dallas, Orlando, and Salt Lake City, said Vancouver-based QuadReal.

The newly acquired properties are all-age, high-quality communities that will enhance QuadReal’s growing manufactured-housing portfolio. The company is already Canada’s largest owner and operator of manufactured housing communities through its Parkbridge division, which provides high-quality and affordable housing across the country.

“The acquisition of a 100% direct interest in these assets accelerates our growth in the U.S. manufactured housing sector with an established operator and a high-quality portfolio,” said Daniel Gliksman, managing director at QuadReal. “QuadReal is a leading provider of housing globally and this acquisition demonstrates our conviction in the living sector and our commitment to expanding our residential offering.”

The purchase strengthens QuadReal’s extensive U.S. multi-family portfolio, which is valued at US$3.6 billion. Globally, the firm’s residential portfolio is worth US$20.9 billion and includes approximately 90,000 units, including 17,000 in the United States.

QuadReal is a global leader in real estate investment, operations, and development. $85 billion in assets under management, the company’s high-conviction investment strategy and global expertise have earned it recognition as one of the world’s top 20 real estate investors.

QuadReal is the real estate investment arm of the provincially owned B.C. Investment Management Corporation, which invests on behalf of government pension funds.

Photo: Courtesy of QuadReal