Cobblestone Real Estate

What Cobblestone Real Estate does

Cobblestone Real Estate is a privately-held, vertically integrated real estate investment and management firm specializing exclusively in manufactured housing communities (MHCs) and RV resort properties. Founded in 2013 by Erik D. Hagen, Tome Tomaj, and Jason J. Hagen and headquartered in Oakbrook Terrace, Illinois, the firm has acquired, owned, or operated approximately $4.0 billion of MHC/RV assets across more than 160 properties and 45,000+ homesites since inception, with a current portfolio spanning more than 20 states (including Arizona, California, Florida, Nevada, New Hampshire, North Carolina, South Carolina, and Virginia) and focused on value-added portfolios in Sunbelt markets characterized by strong demographic and economic tailwinds.

Cobblestone's core offering is the Cobblestone Platform, a fully integrated property and asset management system developed and refined over two decades of MHC/RV operations, comprising real-time property management software, embedded data analytics, a preferred home dealer network via wholly-owned subsidiary CRP/CRE Homes LLC, and in-house home refurbishment capabilities. Investment products and services include proprietary closed-end discretionary funds (notably Cobblestone SPC MHC Fund I LP, which raised $72.1 million in 2019), structured joint ventures with institutional investors, and third-party property and asset management mandates. The investor portal, powered by Juniper Square, provides automated investment operations and reporting; the 2023 strategic partnership with LCS/Rent Manager extends the property management software stack for MHC and RV operations.

Revenue is generated across five streams: property management fees, asset management fees, fund management and performance fees, joint venture acquisition and disposition fees, and acquisition/due diligence advisory services. Pricing is not publicly disclosed and is negotiated bilaterally based on assets under management, fund structure, and service scope. Go-to-market is exclusively institutional and relationship-driven: Cobblestone targets pension funds, REITs, and other real estate investment firms via direct outreach, leveraging the founders' industry networks and off-market acquisition processes rather than mass marketing. Named institutional counterparties include MetLife Investment Management (advising a state pension plan joint venture buyer), Silverpeak Real Estate Partners (joint venture partner), Evercore (exclusive financial advisor on the 2021 Fund I sale), Tricon Capital Group (former operating partner), and Eastdil Secured.

Name

Cobblestone Real Estate

Legal name

Cobblestone Real Estate LLC

Website

https://cobblestoneassets.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Cobblestone Real Estate is a privately-held, vertically integrated investment firm specializing in manufactured housing communities and RV resorts. Founded in 2013, it serves institutional and accredited investors through proprietary closed-end funds, joint ventures, and property/asset management across Sunbelt states.

Ownership category

akta.pro rank

Product category

Real Estate Investment Management

NAICS

Residential Property Managers (531311), Other Financial Investment Activities (5239), Activities Related to Real Estate (5313)

SIC

Real Estate Agents & Managers (For Others) (6531), Investors, Nec (6799)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industry

Real Estate Advisory & Consulting (Strategy, Portfolio & Location) (FSAEAJAH)

Keywords

• Manufactured housing investment
• RV resort properties
• Real estate fund management
• Property asset management
• Real estate advisory services

Headquarters

HQ city

Oak Brook

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Property Management Fees: Ongoing fees for managing manufactured housing communities and RV resort properties on behalf of investors and owners
2. Asset Management Fees: Fees for maximizing portfolio investment results through capital improvements, aggregation, and image enhancement strategies
3. Proprietary Fund Management: Management and performance fees from closed-end discretionary funds structured for accredited investors acquiring MHC portfolios in select markets
4. Joint Venture Transaction Fees: Acquisition and disposition fees from structuring joint ventures with institutional investors meeting specific asset class requirements and return targets
5. Acquisition and Due Diligence Services: Industry-recognized valuation advice and due diligence services utilized by leading institutional investors and private equity firms

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Cobblestone Real Estate is a fully integrated real estate investor and operator of manufactured housing communities (MHCs) and RV resort properties, providing real estate advisory (acquisition and due diligence), property management, and asset management services, alongside proprietary closed-end investment funds and joint ventures for institutional and accredited investors. The firm manages 160+ properties and 45,000+ homesites across Sunbelt states through its in-house operating platform and an investor portal.

Product overview

Cobblestone Real Estate is a privately-held real estate investment and management firm operating as a fully integrated real estate investor and operator of manufactured housing communities (MHCs) and RV resort properties. The company offers a vertically integrated platform comprising real estate advisory, property management, and asset management services. Investment products include proprietary closed-end funds (Cobblestone SPC MHC Fund I LP) and joint ventures structured for institutional investors. The company operates the Cobblestone Platform, a fully integrated property and asset management system, alongside an investor portal powered by Juniper Square. The portfolio includes approximately 80+ properties across Sunbelt states including Arizona, California, Florida, Nevada, New Hampshire, North Carolina, South Carolina, and Virginia, with subsidiaries including CRP/CRE Homes for manufactured home sales and financing.

Differentiator

Problem solved

Functional benefit

Products and services

• Real Estate Advisory Industry-recognized acquisition and valuation advice and due diligence services for manufactured housing communities and RV resorts in markets across the U.S., utilized by leading institutional investors and private equity firms.
• Property Management Property management services for manufactured housing communities and RV resort properties, designed to achieve increased net operating income and enhanced property values for principal investor clients and owners.
• Asset Management Portfolio asset management services focused on maximizing investment results through portfolio aggregation, capital improvements, and property image enhancement strategies.
• Cobblestone SPC MHC Fund I LP Proprietary closed-end, discretionary investment fund structured to acquire portfolios of value-added manufactured housing communities in select markets nationwide, targeted to accredited investors through elite wealth management firms.
• Joint Ventures Structured off-market joint ventures for sophisticated real estate-oriented institutional investors with specific asset class requirements, return targets, and risk profiles in the MHC/RV asset class.

Quantifiable outcome

• $4.0 billion in MHC/RV assets acquired, owned, and operated since inception
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Four partnerships are on record, tiered core and major.

• LCS/Rent ManagercoreTechnology or Integration · 6 June 2023Strategic partnership with LCS/Rent Manager announced June 6, 2023. LCS provides property management software and services that complement Cobblestone's integrated operating platform for manufactured housing communities and RV resorts.
• Northpoint Commercial FinancemajorChannel Partner/ Reseller/ Distributor · 1 January 2021Northpoint Commercial Finance awarded CRP/CRE Homes LLC, a Cobblestone company, the 2020 Top Dealer Award for outstanding performance in the manufactured housing industry. CRP/CRE Homes provides quality products and community improvements for affordable living.
• Tricon Capital GroupcoreStrategic or Co-development Partner · 2 July 2018Cobblestone served as the operating partner for Tricon Lifestyle Communities (TLC), managing the 14-park manufactured housing portfolio. The sale resulted in approximately $172 million gross transaction value. Tricon noted Cobblestone's meaningful contribution to the investment's success.
• Juniper SquarecoreTechnology or IntegrationJuniper Square facilitates Cobblestone's investor portal, providing automated investment operations, investment reporting, and related investor tools and functionality. Cobblestone references Juniper Square's privacy policy for investor data handling.

Scale indicators5 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• RHP Properties: Largest privately-held operator of manufactured housing communities in the U.S., owning approximately 370+ communities. Direct private peer matching Cobblestone's principal-investor-and-operator model in the MHC asset class.
• UMH Properties: Public REIT specializing in manufactured housing communities with more than 25,000 homesites. Direct comparable to Cobblestone in MHC focus, though smaller in scale and concentrated in the Northeast and Mid-Atlantic.
• Tricon Capital Group: Toronto-based real estate investment firm with significant manufactured housing and single-family rental exposure; previously partnered with Cobblestone on the TLC portfolio. Comparable business model combining principal investment, asset management, and institutional capital raising.
• Sun Communities: Largest publicly-traded U.S. REIT focused on manufactured housing communities and RV resorts with a portfolio of approximately 170,000+ homesites. Direct comparable to Cobblestone in asset class, geography, and institutional capital pool.
• Equity LifeStyle Properties (ELS): Public REIT owning and operating MHCs and RV resorts across the U.S., with a portfolio of approximately 220,000+ homesites. Closest direct peer to Cobblestone given its overlap in MHC and RV resort operations and Sunbelt concentration.
• YES Communities: Private owner and operator of manufactured housing communities with a portfolio of more than 50,000 homesites. Directly comparable to Cobblestone as a private MHC operator pursuing institutional-quality aggregation.
• Flagship Communities REIT: Public REIT focused on manufactured housing communities in the Midwest and Southeast U.S. Direct comparable to Cobblestone in MHC-only strategy and value-add operating approach.
• American Land Lease: Owner and operator of manufactured housing communities and RV resorts. Directly comparable to Cobblestone in MHC and RV resort asset class with overlapping geographic footprint in the Sunbelt.

Broad incumbents

• Brookfield Asset Management — Real Estate: Global real estate asset manager with substantial multifamily and manufactured housing exposure through Brookfield Property Partners. Comparable as a large-scale institutional real estate capital partner that could compete with or partner alongside Cobblestone for institutional mandates.
• Starwood Capital Group: Private global investment firm with significant manufactured housing and multifamily housing investments. Comparable as an institutional-scale real estate capital partner whose manufactured housing strategy overlaps with Cobblestone's institutional client base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cobblestone Real Estate