NorthMarq has closed the sale of Circle T RV and Manufactured Housing Park in Mission, Texas. According to public records, the last owner of the 270-site property was an Arizona-based private investor, which purchased the asset more than two decades ago.
Located at 1820 W. Clay Tolle St., on almost 12 acres, the community is adjacent to Interstate 2 and within a 3-mile radius of several dining options. The community includes common-area amenities such as a pool, hot tub, clubhouse, and pool table.
NorthMarq Vice President Don Vedeen, together with Senior Associate Brokers Jared Bosch and Chris Michl brokered the deal. Last December, another NorthMarq team arranged a $271 million financing package for a five-property multifamily portfolio in Jacksonville, Fla.
The manufactured housing sector managed to overcome most of the effects of the pandemic, with demand bolstered by the rising need for affordable homes. In the latest national industry report from NorthMarq, Texas topped the list in terms of shipments. Out of the 68,500 new units shipped nationally, some 12,500 units were shipped to the state in the first nine months of 2020, a 7 percent increase year-over-year.