Crestview Cooperative Secures Ownership of 71-Lot Community for $3.95 Million
Buena Vista, Va. — In a landmark achievement for affordable housing in Virginia, on September 16, 2025, the residents of Crestview Cooperative have officially purchased the land beneath their homes, becoming the Commonwealth’s first Resident Owned Community (ROC). The $3.95 million acquisition marks a major milestone in empowering manufactured home residents with long-term stability and control over their futures.
“This is a monumental moment — not just for the residents of Crestview Cooperative, but for the entire state of Virginia,” said Emily Thaden, President of ROC USA. “Becoming the first Resident Owned Community in the Commonwealth proves that resident ownership is possible anywhere when the right partners come together. Crestview is paving the way for more communities to take control of their futures and preserve long-term affordability.”
Jeanee Wright, Acquisitions Manager at ROC USA, provided technical assistance to the Crestview Cooperative Board throughout the acquisition process, and praises the residents’ commitment and vision: “It’s been an honor to work alongside the homeowners at Crestview Cooperative as they made history becoming Virginia’s first resident-owned manufactured home community. As pioneers for the future of VA manufactured housing resident ownership, their dedication and teamwork reflect the best of what this model can achieve — stability, pride, and a stronger future for everyone.”
The transaction was brokered by Harrison Bell of Yale Realty & Capital Advisors, who facilitated a smooth and collaborative process between the residents and the seller, Crestview MHC LLC. The seller expressed strong support for the process: “Selling to the residents was a great experience – fair market price and a smooth closing!”
Resident ownership of manufactured home communities offers a powerful solution to rising rents and the threat of displacement. By forming a cooperative and purchasing the land, Crestview residents now have control over critical decisions such as infrastructure improvements, community rules, and lot rent pricing — ensuring affordability and security for years to come.
Crestview’s Board Treasurer, Sam Fox, a community member for eight years, was among its earliest advocates for resident ownership. “Working alongside ROC USA to become a ROC has been a truly empowering experience. The process was challenging yet very rewarding. Working together as neighbors with resident control, I think we can create real change. Security and affordability in our lot rents is a huge deal.”
The 71-lot community, nestled in the heart of Rockbridge County, was acquired through a combination of funding sources, including an unprecedented $2 million in low-cost financing from Virginia Housing.
John Mark Bening, Sam Fox, Ashley Jennings, Cameron Camden, Betsy Steger
“Virginia Housing is proud to be a part of making Virginia’s first resident-owned manufactured housing community a reality,” says Michael Urban, Managing Director of Homeownership. “Our investment in Crestview Cooperative empowers residents with ownership, building equity and long-term community resilience. This really sets a new standard for inclusive and sustainable housing solutions in the Commonwealth.”
Crestview’s Board Secretary Betsy Steger has lived in the community for 18 years. “I am deeply grateful for the opportunity to work through the process of becoming a Resident Owned Community.” Steger says. “The experience was both educational and empowering, and I especially appreciate the support from Virginia Housing, whose grant assistance made this milestone achievable and affordable for our community. Knowing that our housing costs will stabilize provides a tremendous sense of security and peace of mind for everyone who lives at Crestview.”
Additional financing was provided by ROC USA® Capital, a Community Development Financial Institution that is dedicated to supporting resident ownership nationwide. Financing includes funds not only to purchase the land, but also to make necessary infrastructure repairs or upgrades. ROC USA Capital is a subsidiary of ROC USA.
ROC USA and its national network of Certified Technical Assistance Providers have helped more than 350 communities preserve over 24,000 homes across 22 states. Crestview Cooperative now joins this growing movement, setting a precedent for resident-led housing solutions in Virginia.
