FG Communities buys 49-site North Carolina housing asset

FG Communities Holdings Inc. bought a 49-homesite manufactured-housing community on more than 59 acres in Garner, North Carolina, the company said in an Oct. 12 press release.

In the Oct. 12 press release, FG Communities said the property adds to a combined footprint of 102 communities with more than 4,500 homesites held by the company and associated entities.

The Charlotte, North Carolina-based company, listed on Nasdaq under FGC and FGCPP, describes itself as a real estate-focused operating company and merchant bank targeting land-lease affordable housing communities. Land-lease communities typically involve residents owning or renting homes while leasing the underlying site.

Kyle Cerminara, chairman and chief executive officer, said the transaction matched the company's focus on income-producing properties in expanding markets. “Our goal is to preserve and improve these communities for residents while building long-term value for our shareholders,” he said in the press release.

FG Communities said the Garner property sits southeast of Raleigh in North Carolina’s Research Triangle region, an area the company described as supported by access to Raleigh and a diverse employment base. The release did not disclose a purchase price, financing terms or expected financial contribution from the asset.

The deal follows the company’s Sept. 16 announcement that its board approved an affordable-housing real estate acquisition strategy and a $10 million investment in FG Communities Inc. FG Nexus Inc.

announced on Sept. 24 that it had changed its name to FG Communities Holdings Inc., with Nasdaq tickers changing from FGNX and FGNXP to FGC and FGCPP.

FG Communities said it plans to pursue further acquisitions using the same approach. The company also said forward-looking plans depend on risks including its ability to identify, finance, close and integrate property purchases, secure debt or equity capital and manage liquidity.

Source: company press release via GlobeNewswire, Oct. 12