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
