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 tenant-owned. Northmarq represented the seller in the transaction, Duluth-based GHI Investments. The buyer was Phoenix-based Legacy Communities. 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, Executive Vice President and Regional Managing Director, and Logan McCarthy, a Vice President with Northmarq. “Following a robust and competitive bidding process, the new owners were attracted by the rare opportunity to attain significant scale in the growing Duluth market,” said Pino.
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