Capstone has closed the sale of Parkway Village, a 218-site manufactured housing community in Nederland, Texas. Public records show Horizon Land Co. purchased the property from an out-of-state investor and received a $7.1 million acquisition loan from M&T Bank.
According to assessor information, the asset last traded in 1992. The sale comes roughly four months after Horizon Land Co. spent $743.3 million to acquire a portfolio of properties comprising 93 manufactured housing communities, a self storage facility and 194 RV pads. The collection spans 13 states and 29 markets and features assets built between 1920 and 2000.
Located at 3501 N. Memorial Freeway, the community is less than 10 miles from Interstate 10, some 5 miles from several retail and dining choices and a little over 90 miles west of downtown Houston. Completed in 1978, the property features common-area amenities such as a playground, clubhouse and pool.
Senior Advisor Ian Hilpl, Partner Kevan Enger, together with Investment Sales Advisors Brian Hummell and Hunter LaRocca from Capstone worked on behalf of the seller. The community was almost fully occupied at the time of the sale, and all the homes are resident-owned.