Oakbrook Terrace-based Cobblestone Real Estate LLC announced the closing of its first proprietary fund, Cobblestone SPC MHC Fund I LP, with total capital raised of $72.1 million. Referred to as CRE I, the fund makes real estate investments in the manufactured housing community and RV resort sector with a focus on Sunbelt-state markets. To date, the fund has invested approximately $31 million across eight properties in Arizona, California, Florida and Nevada.
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.
Regarding the fundraise for CRE I, Cobblestone President and CEO Erik Hagen said, “We are grateful for the strong support of our limited partners and we are building on that momentum with a growing portfolio and an active investment pipeline.”
