ARA Inks 83-Site Housing Community Sale

MUNCY, PA-Atlanta-based Apartment Realty Advisors recently netted the sale of the Meadow Brook manufactured housing community here. Built in 1968, Meadow Brook is an 83-site, all-age community located in the Susquehanna Valley, about 130 miles northwest of Philadelphia. ARA co-directors Todd Fletcher and Andrew Shih brokered the transaction between the buyer, a local owner/operator, and the seller, Pocono REO Trust, LLC, represented by Berkadia Commercial Mortgage, LLC.

“This was a very unique transaction with several unusual circumstances,” Shih tells GlobeSt.com. “The community was an REO asset with a major municipal sewer hookup requirement. In the end, the gross price was $1.4 million–or $16,867 per site–and the buyer, who ultimately purchased the asset through a 1031 Exchange, received a credit of $550,000 for utility improvements.”