Newmark Brokers Sale of Ohio MHC
- Jan 04, 2021
Newmark has arranged the sale of Madison Estates Mobile Home Park in Madison, Ohio. According to public records, the 153-site manufactured housing community traded for the first time since 2017, for $2 million. An entity connected to San Diego-based Elevate Commercial acquired the property.
Located at 1220 Dock Road, Madison Estates Mobile Home Park is less than one mile from Lake Erie, close to several other manufactured communities, and 46 miles from downtown Cleveland. Additionally, the community offers access to employment opportunities in Ashtabula, Ohio, and Painesville, Ohio. Completed in 1965, the property was 80 percent occupied at the time of sale. It includes common-area amenities such as a playground, basketball court, and on-site management.
Manufactured housing communities navigated a difficult 2020 better than most asset classes. In a recent interview with Commercial Property Executive, Bellwether Enterprise Senior Vice President MJ Vukovich shared what investors should keep an eye on in the new year.