Havenpark Capital Partners Pays $71M for Minnesota Manufactured Homes
The two mobile home communities, totaling more than 1,000 sites, are located in the Minneapolis area.
Blaine International Village. Image via Google Maps
Havenpark Capital Partners has spent a combined price of $71 million to acquire Blaine International Village in Blaine, Minn., and Brandondale Manufactured Housing Community in Chaska, Minn., Minneapolis/St. Paul Business Journal reported.
The first community was sold by a local private investor that, according to public records, had acquired the asset back in 2009. The seller of the second property was a Texas-based investor.
Located at 10454 Central Ave. N.E., the 522-site Blaine International Village is adjacent to several retail and dining choices, as well as roughly 26 miles from Minneapolis. Completed in 1965, the property includes common-area amenities such as a playground and a clubhouse.
Brandondale Manufactured Housing Community is situated at 1 Kelly Road, some 25 miles from downtown Minneapolis. The 493-site property was developed in 1970 and features a playground and a clubhouse.
Though challenging for most sectors, this past year has proven that the manufactured housing sector is a strong investment opportunity. According to the most recent NorthMarq report, the last quarter of 2020 saw a more than 20 percent increase in transaction volume compared to the previous three months. On a year-over-year basis, the transaction volume of manufactured housing communities soared by almost 25 percent.
