Manufactured Housing Community - Sale

NorthMarq Multifamily

NorthMarq sells 202-site Enchanted Hills Manufactured Housing Community

LAS VEGAS, NEW MEXICO (October 31, 2018) – Enchanted Hills, located at 2701 7th Street in Las Vegas, New Mexico, sold this month for an undisclosed purchase price. Enchanted Hills Estates, LLC of Sacramento, California was the buyer. 

Don Vedeen and Jared Bosch of NorthMarq Multifamily’s Manufactured Housing group in Phoenix represented the buyer and seller in the transaction. 

“Enchanted Hills was a desirable acquisition for the buyer due to its high occupancy and low price per site,” says Vedeen. “The size and stability of an asset that is nearly 100% occupied made for a very attractive acquisition for the buyer.”

Enchanted Hills is a mix of 97 percent single-wide sites and 3 percent double-wide sites, with 93 percent resident-owned homes and 7 percent rent-to-own homes in the community. Enchanted Hills, built in 1960, comprises 202 mobile home sites on 27.55 acres. It is located on 7th Street/ Route 518, a major north-south thoroughfare running through northern New Mexico. Nearby schools include Legion Park Elementary School, Sierra Vista Elementary School, Los Ninos Elementary School, and Memorial Middle School, which are all located within one mile of the property. Additionally, New Mexico Highlands University is two miles south of the property. NMHU offers graduate and undergraduate programs in arts and science, business, education, and social work.

Enchanted Hills MHP, L.L.C. was the seller. 

 

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.