Living Well Communities Picks Up New Mexico MHC
The buyer secured acquisition funds through Five Star Bank.
Park Brokerage & Commercial Real Estate has brokered the sale of Summer Winds Mobile Home Park, a 166-homesite manufactured housing community in Mesilla Park, N.M.
The buyer is a private entity affiliated with California-based Living Well Communities, according to Doña Ana County public records, while the seller is a private individual. The deal closed through a $5.8 million acquisition loan originated by Five Star Bank, with a maturity date set for 2035, the same source shows.
Summer Winds Mobile Home Park is at 4801 S. Main St., close to Interstate 10, with multiple retail and dining options nearby. Mesquite, N.M., is 7 miles away while Las Cruces International Airport is 12 miles from the property.
READ ALSO: Manufactured Housing Trends
The all-age community had a 98 percent occupancy rate at the time of the deal, with rents below market level. Common-area amenities include a basketball court, a soccer field, a playground area, a picnic area with barbecue and onsite management services.
Park Brokerage & Commercial Real Estate Vice Presidents Andrew Dohogne, George Waidelich and Bill Warren, together with President & Designated Broker John Sheedy brokered the deal and procured the buyer, in partnership with ParaSell Inc.
The sector’s resilience attracts investors
Manufactured housing communities are stable investments in the face of economic headwinds, GMF Group’s Gabe Monfried wrote in a recent viewpoint article for Multi-Housing News. These recession-resistant assets have long-term resident stability, with an average stay of 14 years, which provides more predictable cash flows. MHCs serve a wide population, including families and seniors, which tend to stay in place for longer periods.
The Sun Belt region is as one of the most coveted in the country for manufactured housing investment, particularly states like New Mexico, Arizona, Florida and Texas which are popular destinations for retirement.
