Northmarq Brokers the Sale of Two Manufactured Housing Communities in Pennsylvania's Lehigh Valley

BALTIMORE, Feb. 19, 2024 ~ In a recent transaction, two manufactured housing communities in the Lehigh Valley region of Pennsylvania were sold by Northmarq's Baltimore office. The sale was completed by senior vice president Ari Azarbarzin and associate broker Anthony Pino of Manufactured Housing Investment Sales.

The communities, Red Maple Acres and Mayo's Mobile Home Park, consist of 202 and 75 lots respectively. Both properties were built in the 1950s and have been continuously owned and operated by the same family for over 70 years. This marks the first sale of the communities since 1963.

According to Mr. Azarbarzin, Red Maple Acres and Mayo's Mobile Home Park are highly sought-after properties in the region. The new owners were attracted to the opportunity to gain significant economies of scale in the booming Lehigh Valley market through a competitive bidding process.

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Mr. Pino added that both properties have a long history of providing affordable housing to the community and he is confident that the new owners will continue this legacy as responsible stewards.

The Lehigh Valley metropolitan statistical area has recently been ranked as the fastest-growing region in Pennsylvania for inbound migration among millennials. It has also been recognized as one of the top mid-sized markets for economic development projects announced or completed in 2022 by Site Selection magazine.

The sale price for these two properties was not disclosed. However, with their prime location and high occupancy rate of 98%, it is expected to be a significant amount.

Manufactured housing communities have become increasingly popular due to their affordability and convenience. With this recent sale, it is evident that they are also highly desirable investments in a rapidly growing market like the Lehigh Valley region.

As Northmarq continues to expand its presence in Baltimore, Mr. Azarbarzin and Mr. Pino's successful collaboration on this transaction further solidifies their expertise in this sector. The company remains committed to providing top-notch services to its clients and facilitating successful deals in the real estate market.
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