Legacy Communities Acquires Vintage Acres Mobile Home Community In Duluth For $25.5M

The property asset involved in the transaction is a mobile home community located at 501 West Stowe Street, Duluth, MN. The asset spans 93 acres and includes 302 units, with an average price per unit of $84,437. The sale price for this transaction was $25,500,000.

Summary of transaction details:

• Property Type: Mobile Home
• Transaction Amount: $25,500,000
• Address: 501 West Stowe Street, Duluth, MN
• Market: Duluth, MN
• Units: 302
• Price per Unit: $84,437
• Seller: GHI Investment
• Buyer: Legacy Communities
• Brokerage: NorthMarq
• Loan Amount: $14,500,000
• Occupancy Rate: 97%
• Acreage: 93

The deal involved Legacy Communities acquiring the Vintage Acres manufactured home community from GHI Investment, with the transaction brokered by a team from NorthMarq. The brokers included Anthony Pino, Ari Azarbarzin, Jamie Grant, Wallace Halpert, Daniel Dan Trebil, and Logan McCarthy. NorthMarq facilitated a five-year acquisition loan specifically for this purchase.