Missouri MHC Portfolio Trades for $15M
- Sep 21, 2020
Capstone Manufactured Housing has arranged the $14.5 million portfolio sale of three manufactured housing communities. Lakewood Estates, Briarwood and Alpine Village total 531 sites and are located in Springfield, Mo., within 20 minutes of one another and close to Interstate 44.
The portfolio comprises the following properties:
- Lakewood Estates, located at 2710 N. Farm Road 137. The 1950-built asset includes amenities such as a pool, playground and community storm shelter
- Briarwood, built in 1970 and located at 4950 W. Farm Road 156
- Alpine Village, located at 7534 W. U.S. Highway 60. The community was developed in 1966 and features common-area amenities such as a pool with clubhouse and playground.
Partner & Director Kevan Enger, together with Investment Sales Advisors Ian Hilpl and Brian Hummell from Capstone worked on behalf of the seller. According to Hilpl, the new owner plans to implement lease-up programs throughout the properties and refinance the assets once stabilized in the next 12 to 18 months. Additionally, the buyer will execute complex improvement projects including road repairs, removing/repairing older homes and upgraded amenity package in all communities.
At the beginning of September, NorthMarq originated a $2.1 million Fannie Mae loan for Pontaluna Shores. The 135-site community is located in Norton Shores, Mich., and includes 25 percent Park Owned Homes.