Dealmaker: Northmarq Completes $25.5M Sale of Minnesota Manufactured Housing Park

(Image courtesy of Northmarq)

Northmarq, Bloomington, Minn., has completed the $25.5 million sale of a 300-pad manufactured housing community in Duluth, Minn.

The park, built in 1985, is called Vintage Acres. It’s more than 97% occupied and its homes are almost entirely tenant-owned. There are also two apartments and 14 storage units included with the property.

Northmarq represented the seller in the transaction, Duluth-based GHI Investments. The buyer was Legacy Communities, which is based in Phoenix, Ariz.

Northmarq’s Investment Sales team was led by Senior Vice President Ari Azarbarzin and Senior Associate Anthony Pino.

The Northmarq Debt & Equity unit also arranged $14.44 million 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.