FG Communities Acquires its First Manufactured Housing Community in Virginia

Acquisition in Bedford County, Virginia expands affordable housing footprint to third state

Mooresville, NC, June 07, 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 the acquisition of its first manufactured housing community in Virginia. Located in Bedford County, the community contains approximately 15 homesites on just over 5 acres.

The community is ideally located within commuting distance to Roanoke, Virginia, which lies to the west. South of the community lies Smith Mountain Lake, a popular vacation and retirement destination with over 500 miles of shoreline.

Housing prices in Roanoke continue to rise, making it increasingly difficult for many to find housing options that meet their budget. Our manufactured housing community in Bedford County provides a needed solution that is welcomed by our residents.

Michael Anise, CEO of FG Communities, commented, “Expanding into Virginia is part of our long-term goal to grow our affordable housing portfolio across the Southeastern United States. We were able to acquire the Bedford County community at an attractive cap rate and the property’s location, near Roanoke, Virginia, should make this acquisition a valuable long-term asset for our portfolio.”

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 over 30 manufactured housing communities with over 900 homesites either owned or pending acquisition. FG Communities works to improve the quality of life and maintain affordable housing options for its residents.

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