Capstone Arranges the $14.5M Sale of a 531-Site Manufactured Housing Portfolio

SPRINGFIELD, MO—Capstone Manufactured Housing has closed the $14.5 million sale of a three-park, 531-site manufactured housing portfolio. The portfolio is comprised of three Springfield-area communities: Lakewood Estates, Briarwood, and Alpine Village. The three parks are all within 20 minutes of one another and each is well-positioned within five minutes of Interstate 44.

“The Springfield Portfolio was attractive to a large buyer pool as it offered the unique opportunity to obtain immediate scale and heavily influence the affordable housing in a strong Springfield MSA. It was also unique in that the portfolio consisted of two stable assets with Lakewood Estates and Briarwood, as well as a value-add opportunity with Alpine Village,” said Ian Hilpl, lead broker on the sale. “The largest challenge with the offering was the assumable debt, as leverage at closing was sub 50%.”

Capstone’s Ian Hilpl, Kevan Enger, and Brian Hummell represented the seller in the transaction. After generating 15 offers, Capstone procured the buyer, who found the opportunity attractive due to scale, upside in vacancy, and expanding geographic footprint in the Midwest. The buyer plans to complete a turnaround project at Alpine Village through an aggressive home sales strategy. “The buyer plans to implement an aggressive lease-up program throughout the portfolio and once stabilized, intends to refinance the communities within the next 12 to 18 months,” Hilpl added. Additionally, they intend to conduct several capex projects including road repairs, removing/repairing older homes, and upgrading the amenity package at all three communities.

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