OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--Cobblestone Real Estate LLC (“Cobblestone”), a private real estate investment and management firm, announced today the closing of its first proprietary fund, Cobblestone SPC MHC Fund I LP (“CRE I”), with total capital raised of $72.1 million. CRE I 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 (8) 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.
Cobblestone’s co-founders and senior management team include Erik Hagen, President and Chief Executive Officer, Jason Hagen, Chief Operating Officer, and Tome Tomaj, Chief Financial Officer.
Regarding the fundraise for CRE I, Cobblestone Chief Executive Officer and President, 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.”
About Cobblestone Real Estate LLC
Founded in 2013 and headquartered in Oakbrook Terrace, Illinois, Cobblestone Real Estate LLC (www.cobblestoneassets.com) is a fully-integrated real estate investment and management firm focused on manufactured housing communities and RV resort properties (“MHC/RV”). Cobblestone provides institutional and private investors, as well as investment managers, access to the attractive MHC/RV asset class through proprietary funds, off-market joint ventures and expert property and asset management.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES. CRE I IS CLOSED TO NEW INVESTORS.