ST. LOUIS, MO—Capstone Manufactured Housing has recently closed the $8 million sale of a 204-site manufactured housing portfolio in the St. Louis MSA.
The portfolio is comprised of two mobile home parks: Eagle Creek and Cedar Hill. Combined, the two parks were 95% occupied at the time of closing.
Kevan Enger, Ian Hilpl, and Brian Hummell of Capstone Manufactured Housing represented the seller, Tony Stieren, in the sale. The firm received multiple offers at full pricing guidance and closed at the original contract price.
The buyer, a West Coast-based group, plans to hold on to the assets long term and is bullish on the growth of the overall St. Louis MSA. They plan to convert the remaining community-owned homes over to the residents.
“Eagle Creek and Cedar Hill are two assets that sit on the southwest side of St. Louis. The seller profile is a local investor who was very hands on with the communities and took strong pride in ownership. The buyer is a West Coast group actively growing their footprint in the Midwest markets and were attracted to the opportunity based on the quality, location, and scale into a strong St. Louis submarket,” said Kevan Enger, the lead broker on the sale.