Capstone Manufactured Housing has closed the $14.5 million sale of a three-park, 531-site manufactured housing portfolio in Springfield, Missouri.
The portfolio is made up of three Springfield-area communities: Lakewood Estates, Briarwood and Alpine Village. The three parks are all within 20 minutes of each another and each is well-positioned within five minutes of Interstate 44.
Capstone’s Ian Hilpl, Kevan Enger and Brian Hummell represented the seller in the transaction. After generating 15 offers, Capstone procured the buyer, who found the opportunity attractive due to scale, upside in vacancy, and expanding geographic footprint in the Midwest. The buyer plans to complete a turnaround project at Alpine Village through an aggressive home sales strategy.
Additionally, the buyer plans to conduct several capex projects including road repairs, removing/repairing older homes and upgrading the amenity package at all three communities.