Big Spring Properties Sells Southern Pennsylvania MHC
Northmarq represented the seller of the 159-homesite property.
The 94-acre Big Spring Terrace came online in 1975. Image courtesy of Northmarq
Big Spring Properties has sold Big Spring Terrace, a 159-homesite manufactured housing community in Newville, Pa., to an undisclosed buyer. Northmarq Senior Vice President Ari Azarbarzin and Associate Anthony Pino negotiated on behalf of the seller.
Built in 1975, the pet-friendly, all-age mobile home community includes off-street parking and wide streets, recreational facilities and a playground.
Located at 14 Big Spring Terrace, the 94-acre manufactured housing community is 2 miles from downtown Newville, Pa., 12 miles from Carlisle, Pa., 35 miles from Harrisburg, Pa., and within 45 miles of Harrisburg International Airport.
Manufactured housing has been on an upward trajectory in the past decade, and multiple institutional investors and owner-operators have been attracted by this sector. The national sales volume expanded during the second quarter of this year, according to a Northmarq report, although the number of transactions was still down nearly 45 percent from the one recorded during the first half of 2022.
Earlier this week, Capstone Cos. sold a 10,000-homesite manufactured housing portfolio comprising 46 communities spread across six states. The assets have a stabilized occupancy rate of 87 percent.
