WICHITA, KS—Capstone Manufactured Housing has closed the $20 million sale of a three-park manufactured housing portfolio. The portfolio is comprised of 533 total sites at three Wichita-area communities: Lamplighter MHP, Fishin’ MHP, and River Oaks MHP. All communities offer robust amenity packages including a clubhouse, swimming pool, and basketball courts.
Capstone’s Kevan Enger, Ian Hilpl, and Brian Hummell represented the seller, Park Street Partners, in the sale.
“Capstone was well-positioned to market our institutional portfolio in Wichita based on their national reach and competitive marketing process. We ultimately had 15 competitive offers to select from which gave us absolute leverage during negotiations. With the guidance from Kevan, Ian, and Brian, we awarded the portfolio to a well-capitalized group based in California. Fortunately, we selected the correct buyer for the opportunity as they performed seamlessly during a time of uncertainty,” said Jefferson Lilly and Brad Johnson of Park Street Partners.
The buyer is a California-based operator who is expanding their footprint in the Midwest. They were attracted to the three Wichita communities due to their scale, relatively minimal overhead, and attractive community amenity packages which makes them three of the premier affordable housing options in the Wichita MSA.
“This Portfolio was an attractive acquisition due to offering immediate scale, direct-billed city utilities, and primarily all lot rental sites. The parties went under agreement prior to COVID-19 and the buyer closed at original contract price with no extensions,” said Enger, the lead broker on the sale.
River Oaks MHP