Saratoga Group

What Saratoga Group does

Saratoga Group is a Knoxville, Tennessee-based private real estate operator that acquires, transforms, and holds manufactured housing and RV communities across the Midwest and Southeastern United States. The company targets distressed value-add communities averaging roughly 60% occupancy at acquisition and converts them into stabilized, cash-flowing assets through lot infill, infrastructure upgrades, and amenity improvements, delivered via a vertically integrated construction arm called Community First Construction. Saratoga's portfolio spans 104 communities valued at over $375 million, with North Carolina representing its densest state cluster at 1,214 lots.

The business operates a land-lease model: Saratoga owns the land and community infrastructure and leases lots to manufactured homeowners, yielding a recurring revenue base with operating expense ratios of 30–35% (versus approximately 50% in conventional multi-family) and annual resident turnover of 10–15% (versus 45–55% in multi-family). Revenue is supplemented by home infill transactions through an in-house SG Homes team and by capital improvement and lot development projects. Capital is sourced from 400+ individual investors through a Juniper Square-hosted investor portal, with commitments structured as 10-year holds and TIC-to-fund transitions, alongside tax vehicles such as 1031 exchanges and Qualified Opportunity Funds.

Operationally, Saratoga runs internal KPI dashboards integrating property management, accounting, and maintenance data across all communities to guide acquisition underwriting and operating decisions. Leadership is founder-led by CEO Sam Hales, supported by a full C-suite including CFO DJ Birnie, COO Steve Sacher, Chief Construction Officer Luke Hales, Chief People Officer Shawn Felkley, and General Counsel Scott Bross, with 115 employees deployed across on-site community management teams in each operating state. The firm emphasizes a long-term hold strategy, having sold only one of its original 105 acquired communities.

Name

Saratoga Group

Legal name

Saratoga Group

Website

https://saratogagroup.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Saratoga Group is a private Knoxville, Tennessee-based real estate operator that acquires, transforms, and holds 104 manufactured housing and RV communities across the Midwest and Southeast, serving individual investors through a Juniper Square fund structure and providing affordable land-lease housing to residents.

Ownership category

akta.pro rank

Product category

Manufactured Housing Real Estate Operations

NAICS

Residential Building Construction (23611)

SIC

Operators Of Apartment Buildings (6513)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industry

Residential Design-Build & Renovation-Integrated Builders (IMAFABAE)

Keywords

• Manufactured housing communities
• RV community operations
• Affordable housing investment
• Land lease rentals
• Real estate fund management

Headquarters

HQ city

Auburn

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Others, Infrastructure, Marketing or Sales

Revenue model

1. Land Lease Model: Saratoga Group owns the land and property infrastructure (streets, utility connections, common areas) and leases land to manufactured housing homeowners. This keeps ongoing expenditures low (30-35% operating expenses vs 50% in multi-family) and management simple.
2. Home Infill Revenue: Revenue generated by filling vacant lots with new and used manufactured homes, increasing long-term revenues through their in-house Homes team.
3. Capital Improvements & Development: Revenue growth through property infill and capital improvements, including development of unused or repurposed land to create additional mobile home and RV lots.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Saratoga Group operates manufactured housing and RV communities across the Midwest and Southeastern United States, leasing land lots to homeowners who place manufactured or mobile homes. The company acquires distressed or value-add MH communities averaging ~60% occupancy, transforms them through infill development, capital improvements, and in-house construction, and offers individual investors access to real estate fund investments via a Juniper Square-powered investor portal.

Product overview

Saratoga Group operates as a real estate operator focused exclusively on manufactured housing and RV communities. The company manages a portfolio of 104 manufactured housing communities through a platform model that combines core community operations with integrated service modules. The core offering consists of manufactured housing and RV communities where homeowners lease land and place their homes. Supporting this are add-on services including Community First Construction (in-house construction for infrastructure and lot development), an SG Homes resident portal, and an investor portal via Juniper Square. The company also employs internal operational KPI dashboards that integrate with property management, accounting, and maintenance systems.

Differentiator

Problem solved

Functional benefit

Brands

• Community First Construction: Vertically integrated in-house construction company providing cost-effective and quality construction solutions for Saratoga communities.

Products and services

• Manufactured Housing Communities A portfolio of 104 manufactured housing communities across the Midwest and Southeastern United States where Saratoga owns the land and infrastructure and leases individual lots to homeowners who place their manufactured homes. Includes communities such as Westwood (Greenville, NC), Parkside Manor, Greenville-area communities, and Southern Meadows (Memphis, TN).
• RV Communities Recreational vehicle communities within Saratoga Group's portfolio, providing flexible housing/lot options for RV owners. Listed alongside manufactured housing communities as a core asset class on the Saratoga Group website.
• Saratoga Group Real Estate Investment Funds Investment fund vehicles offered to individual and accredited investors through a Juniper Square investor portal, with 10-year capital commitments, optional perpetuity benefits, and tax-advantaged structures including 1031 exchanges, Qualified Opportunity Funds (with capital gains deferral), and up to 100% bonus depreciation in the first year. Investors typically begin with TIC (Tenant-in-Common) ownership for the first two years before transitioning to shares in the property's fund.
• Community First Construction Services Vertically integrated in-house construction services for Saratoga Group's manufactured housing communities, providing cost-effective infrastructure improvements, lot development, and home installation. Operates as a wholly-owned subsidiary of Saratoga Group and enables completion of projects at significantly lower cost than outsourced bids (e.g., $270K vs $1.5–2M for sewer repairs; $85K vs $1M for flooding remediation).

Quantifiable outcome

• Parkside Manor nearly doubled rental income since acquisition through infill of 35+ homes from 123 vacant lots
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core and supportive.

• Community First ConstructioncoreStrategic or Co-development PartnerVertically integrated construction company that provides cost-effective and quality construction solutions for Saratoga Group communities. Enables completion of projects at significantly lower costs than outsourced bids, with examples including $270K vs $1.5-2M for sewer repairs and $85K vs $1M for flooding solutions.
• Local County OfficialssupportiveStrategic or Co-development PartnerCollaboration with local county officials for infrastructure solutions, including innovative approaches to sewer repairs and flooding issues that enabled cost-effective project completion.
• Local Law EnforcementsupportiveStrategic or Co-development PartnerPartnership with local law enforcement to address crime presence in communities and create safe living environments. Used at multiple communities including Los Robles and Laurel Manor for community transformation.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Sun Communities: Sun Communities is the largest publicly traded manufactured housing and RV community REIT (SUI), owning ~300+ MH/RV communities across the US. It is the most direct scaled competitor to Saratoga, with the same asset class, lot-lease revenue model, and infill/transformation strategy.
• Equity LifeStyle Properties: ELS (NYSE) operates ~450 manufactured housing and RV communities with a portfolio approach very similar to Saratoga's, including value-add community improvements and lot lease income. Highly comparable on asset type, customer base, and capital structure.
• UMH Properties: UMH (NYSE) is a manufactured housing community REIT owning ~140+ communities concentrated in the Northeast and Mid-Atlantic. Comparable business model focused on MH community acquisition, infill, and lot rent growth, though with different geographic mix than Saratoga.
• RHP Properties: RHP Properties is a private manufactured housing community operator owned by Blackstone, with ~360+ communities. Closest private-market peer to Saratoga in business model, acquisition strategy, and value-add community transformation approach.
• Flagship Communities REIT: Flagship Communities REIT (TSX: MHC.UN) owns and operates a portfolio of manufactured housing communities primarily in the US Midwest and Southeast, overlapping directly with Saratoga's 'Golden Triangle' focus and offering the same lot lease economics.
• Tricon Residential: Tricon Residential (NYSE: TCN) is a single-family rental and manufactured housing community operator serving similar working-class renter demographics. Comparable in targeting attainable rental housing with institutional capital and value-add operating strategy.

Emerging players

• Havenpark Communities: Havenpark is a private MH community operator backed by BlackRock, focused on acquiring and operating MH communities with a similar value-add playbook to Saratoga. Smaller portfolio but increasingly overlapping in target geographies.

Broad incumbents

• Invitation Homes: Invitation Homes (NYSE: INVH) is the largest publicly traded single-family rental REIT with ~80,000+ homes. Not a direct MH operator, but serves the same attainable housing demographic with a recurring rental model, representing a broader incumbent in the affordable rental space.
• Pretium Partners: Pretium is one of the largest institutional investors in single-family rental housing, deploying billions in capital to acquire and operate workforce housing. Comparable as a scaled capital platform targeting the same affordable renter demographic, though with a different asset class.
• American Homes 4 Rent: American Homes 4 Rent (NYSE: AMH) is a leading single-family rental REIT with ~60,000+ homes serving similar workforce housing demand. Functions as a broader incumbent in the attainable rental housing category, overlapping with Saratoga on customer demographics but operating a different asset type.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/the-saratoga-group
• Facebookfacebook.com/saratogagroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 Saratoga Group