CHARLOTTE, NC—Capstone Manufactured Housing has recently closed the $23 million sale of the Charlotte Portfolio: a five-property mobile home portfolio located in the greater Charlotte area. The portfolio consists of a total of 519 developed mobile home sites and 30 efficiency apartments each within 30 minutes of Charlotte CBD.
The portfolio is comprised of five mobile home parks: Arrowood MHP, Dixie MHP, Driftwood MHP, Meadowbrook MHP, and Queens Grant MHP.
Kevan Enger, Caleb Troop, Ian Hilpl, and Brian Hummell of Capstone Manufactured Housing represented the seller, Withrow Family Trust, in the sale.
A representative of Withrow Family Trust said, “Our family has built and run this portfolio for over 30 years. We felt the time was right to sell and Capstone brought the perfect buyer.”
The buyer, west coast-based Pacific Current Partners, plans to continue running the properties as mobile home parks. “This MHP portfolio offered scaled entry into one of the fastest growing MSAs in the country. We’re excited to continue to build our footprint in the region,” they said.
“This transaction speaks to the incredible level of capital interest in affordable housing investment throughout the greater Charlotte area right now,” said Caleb Troop of Capstone. “Elevated investment in various job-producing sectors locally is trickling down to buyer demand in alternative residential housing asset classes that meet the various needs of our influx of residents.”
The portfolio was occupied at 87% at the time of closing.