A fast-growing Northern Kentucky firm has expanded into a fourth state with its latest acquisition.
Flagship Communities, an Erlanger-based owner and developer of manufactured housing communities, has acquired a community in Morristown, Tenn. This marks Flagship’s first community in Tennessee, adding to its 43-community portfolio. The community, Crestmore Pointe, has 162 home lots, is currently 94% occupied and sits on 27 acres.
Kurt Keeney, CEO of Flagship, said expanding into Tennessee “is the perfect next step for our organization.”
“This acquisition provides us with high-quality homesites in a new market that is in line with our overall corporate growth goals,” Keeney said in a news release. “Our entry into Tennessee with its close proximity to Kentucky will open up a new market while maintaining our high level of service to our customers.”
Crestmore Pointe is located 50 miles east of Knoxville along Interstate 81. The community has an on-site office and laundry facilities and is near downtown Morristown.
Flagship, which advertises its communities as You Got It Homes, owns properties in Kentucky, Ohio and Southern Indiana. It was founded in 1994 by two Northern Kentucky University fraternity brothers, Keeney and Nathan Smith.
It has become the region’s largest manufactured housing community owner and developer with more than 110 employees and over 8,200 homes in the Flagship portfolio.
Flagship posted 2018 revenue of $31.2 million. That’s up more than 11% from 2017 revenue of $28 million. The company had been a Business Courier Fast 55 finalist three years in a row.