Multifamily & Mobile
Home Park Investments

Multifamily & Mobile
Home Park Investments

We are committed to providing the highest level of
service to both our residents, partners, and stakeholders.

We are committed to providing the highest level of service to both our residents, partners, and stakeholders.

Pioneer Communities was founded in 2018 with the goal of providing quality affordable housing to hard-working cost-burdened families through the acquisition and operation of mobile home parks and multifamily assets in select markets across the United States. 

Our approach is founded on an unparalleled commitment to excellence, integrity, and creativity. Through a strong network of capital and operational partners, Pioneer is well-positioned in the market to become a premier boutique owner and operator of mobile home parks and multifamily properties.

INVESTMENT THESIS

we help you to achieve more

  • Tax Advantages
  • Low Operating
    Expense Ratio
  • Low Price
    Per Unit
  • Capital Markets
    Efficiencies

Mobile home communities provide investors with a variety of tax advantages. Compare the following depreciation schedules between asset classes:

MHC - 15 YRS Multifamily - 27.5 YRS Commercial - 39 YRS

MHCs allow investors to purchase land and rent to tenants who own their homes. MHC owners are only responsible for repairs and maintenance of the land, infrastructure and improvements that they own. This land ownership model provides a much lower expense ratio (35-40%) versus multi family’s (50-60%).

A common metric used in multifamily investing is “price per door”. MHCs offer investors one of the lowest price-per-door investment vehicles on the market which provides owners with the ability to spread credit risk amongst a high number of renters.

MHCs offer one of the lowest rates of mortgage default across all other asset classes. As such, Fannie Mae and other agency lenders reported $2.9 billion in MHC lending for 2018, a 56% increase from 2017. It is not uncommon to secure up to 80% LTV on a mobile home community acquisition.

ACQUISITION CRITERIA

our focus

  • Multifamily
  • Mobile Home Parks

Geography: Nationally focused with an emphasis on the Tri-State area and Eastern Seaboard

Property Type: Value-add garden style or mid-rise multifamily

Property Size: Minimum of 50 units, smaller properties considered in select geographies

Vintage: 1970’s or newer construction preferred, but not necessary

Transaction Size: $1,000,000 - $50,000,000

Other: Portfolio acquisitions considered

Geography: Nationally focused with an emphasis on the Tri-State area, Southeast, and Eastern Seaboard

Property Type: All age and age-restricted communities

Property Size: Minimum of 50 pads, smaller communities considered in select geographies

Occupancy: Occupancy of 60% or greater preferred

Utilities: Public utilities preferred, private utilities considered in select scenarios

Transaction Size: $1,000,000 - $50,000,000

Other: Portfolio acquisitions considered

LEADERSHIP

our founders

Nick Hakim, Managing Principal

Nick Hakim is a Co-Founder and Managing Principal of Pioneer Communities. Nick is responsible for monitoring, maintaining, and reviewing Pioneer’s pipeline, as well as underwriting and modeling cash flows for potential acquisitions. Post acquisition, Nick’s responsibilities include implementation and oversight of capital improvement plans, and day to day management of Pioneer’s portfolio.

Having held various professional roles since a young age, Nick has more than 11 years of experience in the real estate industry. Prior to co-founding Pioneer, Nick worked at City Urban Realty, a leading commercial real estate investment firm in New York City responsible for more than $500,000,000 in commercial transactions. During his tenure at City Urban, Nick led the acquisitions team in sourcing, repositioning and operating more than $200,000,000 in deals spanning a wide range of asset classes including land, office, multifamily, mixed-use, and ground-up construction.

Nick holds a B.S. in Entrepreneurship & Business Management from Quinnipiac University. Nick is a recipient of the Eagle Scout Award, B.S.A.’s highest honor, and is a Licensed New York State Real Estate Salesperson.

Nick is a frequent guest at the Society of Exchange Counselors (S.E.C.), the Nations premier real estate exchange and investment group.

Born and raised in Upstate New York, Nick is an avid skier, cyclist and outdoorsman.

Luke DeGrossi, Managing Principal

Luke DeGrossi is the Co-Founder and Managing Principal of Pioneer Communities where he is responsible for sourcing potential acquisitions, arranging debt financing, overseeing the firm’s marketing and operational strategies, and syndicating equity through Pioneer’s well-established network of capital partners.

Prior to co-founding Pioneer Communities, Luke worked at HKS Capital Partners, New York City’s premiere commercial finance brokerage with over $16B in transactions. As an associate in their capital markets group, Luke was responsible for structuring debt and equity across nationwide commercial transactions spanning over $400,000,000 in permanent financing, ground-up construction, bridge, mezzanine, and acquisition finance. Prior to HKS, Luke worked as an analyst at RPM Development Group, New Jersey’s leading affordable housing developer, where he oversaw a $950,000,000 property portfolio.

Luke holds a B.S. in Finance and International Business from Villanova University, and a minor in Mathematics from Columbia University.

Born and raised in Italy, he is fluent in Spanish, Italian, and French.

Luke lives in New York City where he is a volunteer for the Big Brother Big Sister Foundation of America, a member of Hillsong Church NYC, and the Secretary of the Founding Board for Valence College Preparatory School, a middle school serving underprivileged children in Corona, Queens.

SUBMIT A PROPERTY

Do you have a mobile home park or multifamily property for sale?

LET'S TALK

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Pioneer Communities, LLC