Crown Communities Grows Midwest MHC Footprint With Ohio Buy
The new owner of Westview Estates assumed the existing debt on the property, a $2.2 million Fannie Mae loan set to mature in 2029.
Crown Communities has acquired Westview Estates, a 107-site manufactured housing community in Sandusky, Ohio. The purchase marks the company’s eighth acquisition in 12 months, according to a prepared statement from Crown Communities Managing Partner Alex Cabot.
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Public records show that the private seller traded the property for $4.1 million. Additionally, the new owner assumed the existing debt on the asset, a $2.2 million Fannie Mae loan provided by Hunt Real Estate Capital in 2019. The note matures in 2029.
Located at 4012 Venice Road, the community is a little over 3 miles from Firelands Regional Medical Center, roughly 4 miles from several dining options and less than 52 miles from Toledo, Ohio. Westview Estates was completed in 1970 and features a clubhouse. Crown Communities company Kodiak Property Management will handle management responsibilities at the property.
The manufactured housing sector has experienced a significant boost since the onset of the health crisis, as demand for affordable housing skyrocketed. This rise in popularity has attracted the attention of many investors, with major players entering the sector or considerably expanding their portfolios.