New Hampshire MHC Trades for $4M
A Horvath & Tremblay team brokered the sale of Great Brook Village in Belmont.
Horvath & Tremblay has brokered the sale of Great Brook Village, an over 55 manufactured housing community in Belmont, N.H. The asset traded for $ 4.3 million at a 6.6 percent cap rate.
The deal includes the land and roads within the community, as well as 65 manufactured home lots, all of which are occupied with permanent tenant-owned homes.
Located at 10 Great Brook Drive on a 19.4-acre site, Great Brook Village is a little over 4 miles from Interstate 95 and several big-box retailers in Tilton, N.H. The property was completed in 1993 and offers 51 three-bedroom, two-bathroom home lots, as well as 14 two-bedroom, two-bathroom home lots. Common-area amenities include a two-story community clubhouse and management office.
Executive Vice Presidents John Pentore and Dennis Kelleher, together with Senior Associate William Peck from Horvath & Tremblay, worked on behalf of the seller and procured the buyer.
Elsewhere in the Northeast, RHP Properties recently spent $7.2 million for Ridgewood Manor, a 133-site manufactured housing community in Manheim, Pa. Completed in 1972, the property features a playground, clubhouse and basketball court.