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Ballast Acquires Serene Terrace Manufactured Home Community In Lynnwood For $22.8M
SOLD
$22,800,000
Washington
See Similar DealsManufactured Home
Sold 01/30/2026
SOLD
Ballast Acquires Serene Terrace Manufactured Home Community In Lynnwood For $22.8M
14322 Admiralty Way
See Similar DealsManufactured Home
Sold 01/30/2026
Summary
WASHINGTON
Asset Type:Manufactured Home
Transaction Type:Sale
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.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,216,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$81,003.58
Cash-on-Cash Return-1.27%
Monthly Debt Service$108,083.63
Annual Debt Service$1,297,003.58
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