Yes! Communities, one of the nation’s largest owners and operators of manufactured home communities, has sold an approximately 71% equity interest in its combined businesses to two global institutional investors, including affiliates of GIC, the sovereign wealth fund of Singapore.

Based in Denver, Yes!’s manufactured home community businesses include 178 communities across 17 states, with more than 44,600 residential home sites, an inventory of over 11,500 manufactured homes and a portfolio of home loans secured by homes within its communities.

In connection with the transaction, Yes!’s three manufactured home community portfolios will be consolidated into a single entity, whose principal owner and sole general partner will be Yes Communities LLC, a newly formed real estate investment trust.

Yes! is a portfolio company of opportunistic real estate funds managed by Stockbridge Capital Group LLC. Stockbridge’s existing investors, together with members of Yes!’s management team, will continue to own an approximately 29% interest in the new, consolidated enterprise.

Financial terms of the transaction have not been disclosed yet.

“The manufactured housing sector is a unique and highly-attractive niche in the U.S. residential market, which GIC has been exploring for some time,” said Adam Gallistel, Regional Head for Americas, GIC Real Estate. “Given the relative lack of consolidation, it is very difficult to enter this sector in scale. We view Yes! as an exceptional opportunity to do just that.”

Terry Fancher, executive managing director of Stockbridge said, “Yes! has been a highly successful investment for Stockbridge. We continue to see tremendous potential in the manufactured housing sector generally, and in Yes! particularly.”

The transaction will permit some of Stockbridge’s investors a chance to monetize their investment, while allowing others to invest in Yes!’s future alongside GIC and another major global partner, which Fancher did not identify.

Debt financing for the transaction included two credit facilities from Fannie Mae arranged by KeyBank and Wells Fargo, respectively, together with a credit facility from Freddie Mac and a syndicated line of credit, both arranged by KeyBank.

Eastdil Secured served as lead financial advisor to Yes!, along with KeyBanc Capital Markets, BofA Merrill Lynch and Citigroup Global Markets Inc. JMP Securities and Deutsche Bank Securities also provided financial advisory services in connection with the transaction. Clifford Chance US LLP served as legal counsel to Yes! and Simpson Thacher & Bartlett LLP served as legal counsel to Stockbridge.

Last month, a joint-venture between GIC and the Canada Pension Plan Investment Board (CPPIB) and The Scion Group purchased InvenTrust Properties Corp. 13,205 bed student housing portfolio in the U.S. for just under $1.4 billion.