Weekly Real Estate News
Northmarq, a capital markets resource for commercial real estate investors, announced the completion of the sale for two manufactured housing communities totaling 277 lots in the Lehigh Valley region of Pennsylvania.
Northmarq’s Baltimore office, and Anthony Pino, associate broker of Manufactured Housing Investment Sales, have completed the sale of Red Maple Acres and Mayo’s Mobile Home Park, two manufactured housing communities totaling 277 lots in the Lehigh Valley region of Pennsylvania. Northmarq represented the seller, Red Maples LLC and Mayo Homes Company.
The communities in the transaction were Red Maple Acres, a 202-lot manufactured housing community in Allentown, and the 75-lot Mayo’s Mobile Home Park in nearby Trexlertown. This represented the first sale of the communities since 1963. The sales prices were not disclosed and Northmarq did not identify the buyer and seller in either transaction.
Ari Azarbarzin, a senior vice president in Northmarq’s Baltimore office, and Anthony Pino, associate broker of manufactured housing investment sales, handled the sales.
“Red Maple Acres and Mayo’s Mobile Home Park are two of the highest-quality manufactured home parks in the region,” said Azarbarzin. “Following a robust and competitive bidding process, the new owners were attracted by the rare opportunity to attain significant economies of scale in the booming Lehigh Valley market.”
Photo: Drone view of Red Maple Acres, a 202-lot manufactured housing community in Allentown, Pennsylavania.
