Northmarq Successfully Finalizes $25.5M Sale of Vintage Acres Manufactured Community in Duluth

Northmarq Finalizes Sale of Vintage Acres

A recent transaction by Northmarq's Mid-Atlantic Investment Sales team has made waves in real estate circles, culminating in the sale of Vintage Acres, a 300-pad manufactured housing community located in Duluth, Minnesota. The property, which was sold for an impressive $25.5 million, showcases the growing demand for affordable housing options in the area.

Built in 1985, Vintage Acres sits on a sprawling 93.59-acre site and boasts over 97% occupancy. The community features two apartment units and 14 storage facilities, making it a valuable asset for its new owners. The transaction was brokered by Northmarq, specifically through senior associate Anthony Pino and senior vice president Ari Azarbarzin. The buyer, Legacy Communities, based in Phoenix, is well-positioned to expand its portfolio in the burgeoning Duluth market.

Transaction Insights

The deal not only highlights the asset's value but also Northmarq's expertise in navigating competitive real estate transactions. Anthony Pino shared insights, stating, "Vintage Acres is one of the highest-quality manufactured home parks in the state. Following a robust and competitive bidding process, the new owners were attracted by the rare opportunity to achieve significant scale in the growing Duluth market."

Financing Details

In addition to the sale, Northmarq’s Debt & Equity unit facilitated financing for the new owners totaling $14.435 million through a Freddie Mac loan. This move underscores the confidence in Vintage Acres’ operational success and continued demand for affordable housing. The financing was seamlessly arranged by Dan Trebil, Executive Vice President/Regional Managing Director, and Vice President Logan McCarthy, both from Northmarq.

A Community Legacy

Vintage Acres has been a crucial provider of affordable housing in Duluth, serving the community for over four decades under the stewardship of its previous owners. As shared by Anthony, the community has a long-standing reputation for reliability and quality, emphasizing that "we're confident that the new owners will build upon the legacy of the previous owners and serve as excellent stewards for the community."

Northmarq’s Impact in Duluth

Northmarq's presence in Duluth continues to make significant contributions to the local housing market. They recently brokered the sale of Zenith Terrace, a nearby 500-lot manufactured housing community. Duluth, Minnesota's fourth-largest city, attracts attention not only for its size but also for its vibrant economy, being the largest U.S. city along the shores of Lake Superior.

About Northmarq

Northmarq stands as one of the top privately held commercial real estate firms in the U.S., combining a vast national reach with deep local expertise. With over 50 offices nationwide, the firm offers a wide range of services including debt, equity, investment sales, loan servicing, and fund management across various property types. In its recent activities, Northmarq has demonstrated its capability by managing a loan servicing portfolio exceeding $80 billion and completing over $91.3 billion in transactions in the last four years.

The Vintage Acres transaction exemplifies Northmarq’s collaborative approach, ensuring that clients can capitalize on the best opportunities available in the market while providing excellent stewards for communities they serve.