Berkadia closed the sale and financing of the Michigan MHC Portfolio, featuring four manufactured housing communities comprising 335 sites across the state.
Senior Managing Director Kevan Enger of Berkadia Manufactured Housing led the sale on behalf of the seller, California-based Urban West Ventures.
Senior Director Scott Modelski of Berkadia Scottsdale secured acquisition financing through Barclays – Conduit on behalf of the buyer’s Chicago-based affiliate, Butler Communities. The deal closed October 10.
Portfolio Details:
- Pontaluna Shores, Norton Shores (132 sites): 95% occupancy, $414 avg. lot rent, built in 1967.
- Broadway Acres, Mount Pleasant (70 sites): 93% occupancy, $340 avg. lot rent, built in 1986.
- University Mobile Estates, Whitmore Lake (69 sites): 87% occupancy, $430 avg. lot rent, built in 1952.
- Brookhaven, Comstock Park (64 sites): 75% occupancy, $453 avg. lot rent, built in 1970.
