North Carolina MHC Trades for $13M

The 183-homesite property previously traded in 2021.

Cape Fear Village
Cape Fear Village occupies some 46 acres close to Interstate 95. Image courtesy of Marcus & Millichap

Marcus & Millichap has arranged the $12.8 million sale of Cape Fear Village, an 183-homesite manufactured housing community in Fayetteville, N.C.

A local private investor sold the 92 percent-occupied property to Florida-based Duvalla Investments LLC, according to Cumberland County public records. Fiver Star Bank originated an $8 million loan for this acquisition.

The deal closed at $69,945 per space; Marcus & Millichap Senior Vice President Glenn Esterson represented the seller and procured the buyer. The asset previously changed hands in 2021 for $8.5 million, public records show.

Located at 2620 Cattail Circle, Cape Fear Village includes 167 rented park-owned mobile homes, two resident-owned mobile homes, 13 vacant park-owned mobile homes and one vacant homesite. The all-age manufactured housing community features paved streets, off-street parking spots, a kids playground area, a clubhouse, recreational facilities and a swimming pool.

The property occupies approximately 46 acres close to Interstate 95 and North Carolina Highway 24, near multiple bus stops, restaurants and retail options. The location is 3 miles from downtown Fayetteville, 7 miles from Fayetteville Regional Airport and within 22 miles of Fort Liberty, N.C.

MHC investment, still on the roll

Despite manufactured housing being deemed critical for easing the affordable housing crisis, the sector is not immune to the current economic challenges. However, although the lending environment became challenging and the real estate transaction activity started to slow down, manufactured housing showed resilience.

Recently, a Crow Holdings Capital fund made a significant purchase in the sector. The company acquired a 46-property manufactured housing portfolio spread across six states through its $3.1 billion fund that closed in February. The new owner plans to invest more than $30 million to improve the properties, while also planning three ground-up developments.

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