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Newmark Closes $100M Manufactured Home Deal
Newmark arranged the sale of the Midwest MHC Portfolio, a 21-property, 2,789-site manufactured home community portfolio located throughout Illinois, Indiana, Kentucky, Nebraska and Wisconsin. The $100-million portfolio was 83% occupied.
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 the undisclosed seller.
The Midwest MHC Portfolio traded to OZ Impact Funds, a Salt Lake City-based private investment group focused on acquiring and rehabilitating distressed manufactured home communities. The acquisition increased OZ Impact Funds’ portfolio by 30%.
“Our institutional client created a lot of value in filling sites and transforming operations at the properties over the last few years, but they eventually decided they were not going to remain long-term in these markets,” said Shih. “It allowed this private fund buyer an opportunity to quickly gain scale in their fast-growing portfolio.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
