Northmarq Arranges $25.5M Sale of Manufactured Housing Community in Duluth, Minnesota

Northmarq closes $25.5 million sale of manufactured housing community in Duluth

Northmarq’s Mid-Atlantic Investment Sales team completed the $25.5-million sale of Vintage Acres, a 300-pad manufactured housing community at 501 W. Stowe St. in Duluth, Minnesota. The property also includes two apartments and 14 storage units. The mobile home park, built in 1985, is more than 97-percent occupied and its homes are almost exclusively tenant-owned. Northmarq represented the seller in the transaction, Duluth-based GHI Investments. The buyer was Legacy Communities, which is based in Phoenix, AZ. Northmarq’s Investment Sales team was led by Senior Vice President Ari Azarbarzin and Senior Associate Anthony Pino. In addition to arranging the sale, Northmarq’s Debt & Equity unit arranged $14.435 million in financing for the new owner through a Freddie Mac loan. The mortgage brokers were Dan Trebil, who serves as Executive Vice President/Regional Managing Director, and Logan McCarthy, a Vice President with Northmarq. Occupying a 93.59-acre parcel, Vintage Acres is a four-star community with amenities including a playground, a community center, a basketball court, and an office. As part of the sales process, Northmarq procured a lengthy bid sheet and was able to push pricing by arranging multiple best and final rounds

Northmarq Arranges $25.5M Sale of Minnesota Manufactured Housing Park

Northmarq’s Mid-Atlantic Investment Sales team has completed the $25.5-million sale of Vintage Acres, a 300-pad manufactured housing community located at 501 West Stowe Street in Duluth, MN. The property also includes two apartments and 14 storage units. The mobile home park, built in 1985, is more than 97-percent occupied and its homes are almost exclusively […] The post Northmarq Arranges $25.5M Sale of Minnesota Manufactured Housing Park appe…

Northmarq Arranges $25.5M Sale of Manufactured Housing Community in Duluth, Minnesota

DULUTH, MINN. — Northmarq has arranged the $25.5 million sale of Vintage Acres, a 300-site manufactured housing community with two apartments and 14 mini-storage units in Duluth. Anthony Pino, Ari Azarbarzin, Jamie Grant and Wallace Halpert of Northmarq represented the seller, GHI Investments. Dan Trebil and Logan McCarthy of Northmarq arranged Freddie Mac acquisition financing on behalf of the buyer, Legacy Communities MHP. The $14.5 million lo…