BALTIMORE, Feb. 19, 2024 /PRNewswire/ — Ari Azarbarzin, senior vice president in 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.
Built in 1960, Red Maple Acres is located at 1190 Grange Road in Allentown, PA and features 202 lots. Built in 1950, Mayo’s Mobile Home Park is located at 7454 Continental Circle in Trexlertown, PA and consists of 75 lots. The sites are located less than two miles apart totaling 64 acres in size and presently stand at 98-percent occupancy. The transaction marks the first sale of the communities since 1963. The sale price was not disclosed.
“Red Maple Acres and Mayo’s Mobile Home Park are two of the highest-quality manufactured home parks in the region,” said Mr. 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.”
“Both properties have a long history of providing the Lehigh Valley region with highly desirable, affordable housing by being continuously owned and operated by the same family for more than 70 years,” said Mr. Pino. “We’re confident that the new owners will build upon the legacy of the previous owners and serve as excellent stewards for the community.”
The Lehigh Valley metropolitan statistical area was recently ranked the fastest-growing region in Pennsylvania for inbound migration among millennials. The region also ranked in the top four percent nationally for total inbound migration.
The region was also ranked second in the country among mid-sized markets (i.e., those with a population of between 200,000 and one million) by Site Selection magazine for economic development projects announced or completed in 2022.
About Northmarq
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes. For more information, visit www.Northmarq.com.
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SOURCE Northmarq
Originally published at https://www.prnewswire.com/news-releases/northmarq-brokers-the-sale-of-two-manufactured-housing-communities-in-pennsylvanias-lehigh-valley-302064104.html
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