Newmark closed the sale of the Midwest MHC Portfolio, a 21-property, 2,789-site manufactured home community portfolio in Illinois, Indiana, Kentucky, Nebraska and Wisconsin. The $100 million portfolio had a physical occupancy of 83 percent.
Newmark Executive Managing Director Andrew Shih and Senior Managing Director Todd Fletcher, co-founders of Newmark’s Manufactured Housing Group, in cooperation with local brokers, represented an undisclosed seller.
The Midwest MHC Portfolio traded to buyer OZ Impact Funds, a Salt Lake City-based private investment group focused on acquiring and rehabilitating distressed manufactured home communities. The $100 million acquisition increased OZ Impact Funds’ portfolio by 30 percent.