Ballast Acquires Serene Terrace Manufactured Home Community In Lynnwood For $22.8M

A manufactured home located at 14322 Admiralty Way in Lynnwood, WA, was sold for $22.8 million. This asset is part of a 131-site manufactured housing community known as Serene Terrace, which is currently 90% occupied. Ballast plans to invest an additional $2.5 million into upgrades and rent adjustments.

Summary of transaction details:

• Property Type: Manufactured Home
• Transaction Amount: $22,800,000
• Buyer: Ballast
• Seller: Three Pillar Communities
• Lender: Aegon USA Realty Advisors
• Mortgage Broker: Zach Koucos - JLL

This transaction enhances Ballast’s portfolio amid strong demand in the region, limited supply, and positive demographic growth that supports long-term value in the housing market. The purchase was financed with a $10.4 million loan.