Invesco Real Estate Launches Homestead Communities, a National Manufactured Housing Platform
DALLAS, April 19, 2023 /PRNewswire/ -- Invesco Real Estate, a global leader in the real estate investment management business, announced today the launch of Homestead Communities, a real estate operating company. Homestead Communities is dedicated to addressing the affordable housing crisis in the U.S. by providing safe, clean, and supportive communities for working families and retirees where they can own or rent affordable, high-quality, single-family manufactured homes. The platform strengthens Invesco Real Estate's commitment to the growing manufactured housing sector and enhances the firm's speed to market, scale, and performance across growth markets nationally.
"The manufactured housing industry is a strategic priority for Invesco Real Estate given it is a niche asset class with a strong track record of net operating income resiliency amidst market volatility," said Bert Crouch, Head of North America at Invesco Real Estate. "As a part of our broader strategic initiative around vertically integrating operating companies in our highest conviction strategies, we believe Homestead Communities will allow us to capitalize on secular tailwinds and achieve operational efficiencies." The transaction was structured by Invesco Real Estate's Platform Investments team, led by Andrew Lane, Senior Director.
David Gold, a seasoned leader in the manufactured housing industry, will serve as CEO for Homestead Communities. Prior to this role, David was CEO of Inspire Communities, one of the country's largest owners and operators of manufactured housing communities, where he led the company's growth through its sale to Apollo Global Management. He also helped grow William E. Simon & Sons Realty into an institutional fund manager with more than $2 billion of AUM and co-led the firm's launch in Latin America.
"Manufactured housing represents approximately four percent of all U.S. housing, and we believe Homestead Communities provides an opportunity to meaningfully meet the institutional demand we are seeing in the sector," said Gold. "Invesco Real Estate and I look forward to bringing our complimentary capabilities together to deliver quality manufactured housing communities and strong return potential for our investors."
To learn more about Invesco Real Estate's capabilities, please visit: http://www.invesco.com/realestate.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $89.3 billion in real estate assets under management, 587 employees and 21 regional offices across the U.S., Europe and Asia (as of September 30, 2022). Invesco Real Estate was established in 1983 and today invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; http://www.invesco.com/realestate.
Media Contact : Jamie Braverman, jamie.braverman@invesco.com, 212-278-9630
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SOURCE Invesco Ltd.
