Park Street Partners Sells Kansas MHC Portfolio
- May 28, 2020
Capstone Manufactured Housing has arranged the $20 million sale of three manufactured housing communities located in the Wichita, Kan., metropolitan area. Kevan Enger, Ian Hilpl and Brian Hummell arranged the deal on behalf of Park Street Partners and also selected the buyer, a California-based operator.
Lamplighter and River Oaks are located one next to the other at 2310 E. MacArthur Road, near Chapin Park and off Interstate 35. The third community, Fishin’ Mobile Park, is located at 2201 S. Anna St., off Interstate 235 and near Wichita Dwight D. Eisenhower National Airport. All three properties are less than 10 miles from downtown Wichita.
The communities feature amenities such as clubhouse, swimming pool and basketball courts, while Lamplighter offers newly upgraded units as well. All three communities also offer direct-billed city utilities and all-lot rental sites.
The manufactured housing communities sector has been expanding rapidly, with some 2.7 million U.S. households living as tenants in approximately 44,000 manufactured-home parks, according to ROC USA. Recently, investors have been competing for these small neighborhoods with their residents, who often choose to buy the manufactured-home parks themselves rather than rent.