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.
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.