BOSTON— The Broadway Company, a Boston-based real estate investment firm focused on multifamily and manufactured housing, has acquired Heathermoor Estates, a 116-lot manufactured housing community in Moody, Alabama, in partnership with Parkstone Communities.
The acquisition expands The Broadway Company’s manufactured housing portfolio and strengthens its presence in Alabama, where the firm has been investing for more than six years.
Heathermoor Estates is located approximately 25 miles east of downtown Birmingham along the Interstate 20 corridor in St. Clair County. The community is situated in Moody, one of the Birmingham metropolitan area’s growing suburban markets.
“We have been investing in Alabama for over six years, and we love doing business in this state,” said Tana E. Weissman, chief executive officer of The Broadway Company. “Heathermoor is a well-maintained community in one of the Birmingham area’s fastest-growing suburbs, and we are excited to continue growing our presence here. We look forward to investing in the community and providing residents with high-quality, professionally managed housing.”
Following the acquisition, Parkstone Communities will manage Heathermoor Estates, drawing on its existing operational infrastructure and experience operating manufactured housing communities in the Birmingham area.
The Richmond, Virginia-based owner-operator already owns and operates several communities in the region, including Cahaba Estates in nearby Trussville. Its established local team, vendor relationships and property management platform are expected to support a smooth transition and provide residents with responsive, locally focused service.
“We’re grateful to The Broadway Company and to everyone who worked so hard to get this transaction across the finish line,” said Sam Turner, founder of Parkstone Communities.
“Heathermoor is a natural fit alongside Cahaba Estates just down the road, and it reflects how we like to grow: thoughtfully, one well-located community at a time. We’re excited to welcome the residents of Heathermoor and bring the same commitment to service, integrity and community pride that guides every Parkstone property,” Turner added.
The partnership brings together The Broadway Company’s investment and acquisition capabilities with Parkstone’s regional operating experience in manufactured housing.
The Heathermoor Estates acquisition is part of The Broadway Company’s broader strategy to expand its manufactured housing investments in Alabama and other core markets across the United States.
Manufactured housing communities have attracted attention from real estate investors seeking to expand portfolios in the residential sector. Established communities with professional management offer opportunities to invest in existing housing infrastructure while focusing on property improvements, resident services and long-term asset performance.
For The Broadway Company, the acquisition represents another step in its expansion across the manufactured housing sector, supported by partnerships with experienced local operators.
Founded in 2011, The Broadway Company is a fully integrated real estate investment firm focused on multifamily and manufactured housing. The company has completed more than 90 investments and draws on expertise in acquisitions, asset management, accounting, leasing and corporate governance. Its communities are professionally managed by Moon Street, its in-house property management arm.
Parkstone Communities, founded by Turner in 2015, has grown to a portfolio of more than 30 manufactured housing communities across the United States. The company is supported by a home-office team and field operators who provide property and asset management services.
The companies did not disclose the purchase price or additional financial terms of the Heathermoor Estates transaction.
The Broadway Company (TBC) is a fully integrated real estate investment company focused on multifamily and manufactured housing. Founded in 2011, the firm has completed more than 90 investments and provides professional asset management and investment expertise. Parkstone Communities is a manufactured housing owner-operator based in Richmond, Virginia. Founded by Sam Turner, who acquired his first community in 2015, the company has grown to more than 30 manufactured housing communities nationwide.
