Northmarq’s Mid-Atlantic Investment Sales team has arranged the $25.5 million sale of Vintage Acres, a manufactured housing community in Duluth, Minnesota. The 300-pad property is located at 501 West Stowe Street and is complemented by two apartments and 14 storage units, providing a mix of residential and ancillary income streams. Built in 1985, the asset reflects the durability of institutional interest in established manufactured housing communities.
The community is reported to be more than 97 percent occupied, with homes that are almost entirely tenant-owned. This structure typically reduces ongoing capital requirements for the site owner while supporting stable rent collections, characteristics that remain sought after in the manufactured housing segment. The sale underscores continued investor appetite for land-lease housing formats in growing regional markets.
Northmarq represented Duluth-based GHI Investments as the seller in the transaction. The buyer is Phoenix-based Legacy Communities, which expands its manufactured housing footprint with the acquisition of Vintage Acres. Northmarq’s Investment Sales team on the assignment was led by Senior Vice President Ari Azarbarzin and Senior Associate Anthony Pino, who oversaw a marketing effort that produced a competitive bidding environment for the asset.
In conjunction with the sale, Northmarq’s Debt & Equity unit arranged $14.435 million in financing for the new owner through a Freddie Mac loan. The financing was structured by mortgage brokers Dan Trebil, Executive Vice President and Regional Managing Director, and Logan McCarthy, Vice President at Northmarq. The use of agency debt highlights the continued availability of mortgage capital for well-occupied manufactured housing communities with strong sponsorship profiles.
Commenting on the transaction, Pino noted that a robust and competitive bidding process contributed to the outcome, with the buyer focused on the opportunity to achieve meaningful scale in the Duluth market. The combination of high occupancy, predominantly tenant-owned homes, and agency-backed financing positions Vintage Acres as a stabilized investment within Legacy Communities’ portfolio and reinforces manufactured housing’s role as a resilient income-producing asset class.
