Capstone Arranges Sale of Houston-Area Mobile Home Park
- Aug 20, 2021
Capstone Manufactured Housing has arranged the sale of Sun Meadows Mobile Homes, a premiere 288-site community in Alvin, Texas. The brokers closed the transaction on behalf of the seller, a private owner who operated the community for over three decades.
Located at 1100 Fox Meadow Drive, Sun Meadows is roughly 29 miles southeast of downtown Houston and some 3 miles from the retail corridor on South Gordon Street in central Alvin. The community is connected to city utilities and features a swimming pool.
The property was 96 percent leased at the time of the sale.
The Capstone team that closed the deal included Senior Advisor Ian Hilpl, Partner Kevan Enger and Investment Sale Advisors Brian Hummell and Hunter LaRocca.
Members of the same Capstone team recently arranged the sale of Parkway Village, a 218-site property in Nederland, Texas, to Horizon Land Co. Just a few months prior, in April, the company had expanded its manufactured housing portfolio by 93 communities in a transaction valued at more than $740 million.
According to a recent report by Northmarq, southern states continue to experience the strongest demand for manufactured homes. Occupancy rate for the first quarter of the year reached 94.9 percent, rising 30 basis points year-over-year and outperforming the national average by 120 basis points.