Crystal View Capital Buys Detroit-Area Manufactured Portfolio
The portfolio comprises upward of 350 homes.
Friedman Real Estate has sold a 359-homesite manufactured housing portfolio in Wayne County, Mich., on behalf of a private investor. Crystal View Capital purchased Royal Village Mobile Home Community in Romulus and Warwick Village in Redford Charter Township for a combined $3.1 million, a Friedman Real Estate broker confirmed for Multi-Housing News.
Built in 1942, Royal Village Mobile Home Community is a 208-homesite pet-friendly manufactured housing property at 28261 Van Born Road. The all-age mobile home asset is close to Interstate 94, some 20 miles from downtown Detroit and within 40 miles of Ann Arbor, Mich.
The other property that traded, Warwick Village, is a 151-homesite manufactured housing community at 24600 Joy Road. The pet-friendly, all-age property was completed in 1957. Warwick Village is roughly 14 miles from Plymouth, Mich., and 17 miles from downtown Detroit.
The Friedman Real Estate team that acted on behalf of the seller included Senior Associates Andrew Bower and Ryan Stipp.
Recently, another mobile home portfolio that encompassed Midwest properties changed hands. A Crow Holdings Capital fund acquired a 46-property mobile home portfolio that included nearly 10,000 homesites in Ohio, Missouri, Illinois, Indiana, Montana and Florida.
