Acquisition of six communities in and around Greater Charlotte Region marks largest acquisition to date, growing portfolio by more than 30%
Mooresville, NC, Nov. 06, 2024 (GLOBE NEWSWIRE) — FG Communities, whose mission is to preserve and improve affordable housing by acquiring and operating manufactured housing communities, is excited to announce its largest acquisition to date – a portfolio of six manufactured housing communities with approximately 280 homesites on 70 acres. The communities are located in Concord, Gastonia, Conover, Claremont, and Taylorsville, North Carolina, with the majority of the homesites being located in Concord and Gastonia. Each new community is located near one of our existing communities and each new community is under an hour’s drive to Charlotte.
Charlotte, and its surrounding area, is a fast-growing region. According to the U.S. Census, the city of Charlotte is one of the fastest growing cities in the U.S. The area has a strong economy that continues to benefit from a population migration to the Sunbelt states. Charlotte is the second largest financial hub in the U.S. – Bank of America and Truist are headquartered in Charlotte, along with the east coast headquarters of Wells Fargo. And the Charlotte Douglas International Airport is one of the busiest airports in the world.
Located just north of Charlotte is Lake Norman, the largest lake in North Carolina with over 520 miles of shoreline. The area is known for outdoor recreation including boating, fishing, hiking, and biking. The Lake Norman area has experienced rapid expansion, with the population of some lake communities increasing more than 50% over the last decade.
Concord is the second-most populus city in the Charlotte Metropolitan Area. The area has seen significant economic investment, including by pharmaceutical and beverage manufacturers. Concord is also home to the internationally known Charlotte Motor Speedway, an iconic NASCAR racetrack with a capacity for nearly 100,000 people.
Growth in the region has had a positive effect on home prices and a negative effect on the availability of affordable housing. Manufactured housing is a solution to the lack of affordable housing. These manufactured housing communities offer affordable options for our residents.
Michael Anise, CEO of FG Communities, commented, “We’re excited to announce our largest acquisition to date. Our ability to execute on a transaction of this size is a testament to what our team has built over the last couple of years. These communities complement the footprint of our existing portfolio, which now stands at greater than 1,200 homesites. We believe that the Greater Charlotte and Lake Norman Regions will continue to see outpaced growth over the long-term.”
About FG Communities
FG Communities, co-founded by Joe Moglia, Kyle Cerminara, and Michael Anise, is a self-administered, self-managed real estate holding company. The company has a growing portfolio of 40 manufactured housing communities with over 1,200 homesites either owned or pending acquisition. FG Communities works to improve the quality of life and maintain affordable housing options for its residents.
Contact:
Michael Anise, CEO
ir@fgcommunities.com
https://fgcommunities.com
Source:
FG Communities
