**Ballast Expands Residential Portfolio with $23M Seattle Investment**
Ballast has officially acquired Serene Terrace, a premier 55-plus manufactured housing community located in Lynwood, Washington, part of the greater Seattle metropolitan area. The $22.8 million acquisition enhances Ballast’s growing portfolio of manufactured housing investments across the country.
Serene Terrace comprises 131 home sites and currently boasts a 90% occupancy rate. Ballast has earmarked nearly $2.5 million for capital improvement projects aimed at modernizing infrastructure, upgrading community amenities, and supporting lease-up initiatives. A key component of Ballast’s strategy includes adjusting under-market rents to align with prevailing market rates through natural tenant turnover. In addition, 10 vacant sites will be revitalized with newly installed manufactured homes.
The acquisition was spearheaded by Ballast’s internal acquisitions team, led by Barker, who negotiated the transaction with the seller, Three Pillar Communities. Financing for the acquisition was facilitated by JLL Senior Managing Director Zach Koucos, who secured a $10.4 million loan from AEGON USA Realty Advisors, LLC.
This new addition underscores Ballast’s continued expansion in the manufactured housing sector. The firm’s national portfolio now includes properties in Idaho, South Carolina, Texas, and Washington State.
