M id A tlantic Real Estate Journal — Owners, Developers & Managers — February 2024 — 7C
www.marej.com
O wners , D evelopers & M anagers
Red Maples LLC and Mayo Homes Company sell 277 lots in Pennsylvania’s Lehigh Valley Azarbarzin & Pino of Northmarq broker the sale of two manufactured housing communities L EHIGH VALLEY, PA — Ari Azarbarzin , senior vice president with a population of between 200,000 and one million) by Site Selection magazine for
economic de- velopment projects an- nounced or completed in 2022. N o r t h - marq is a full-service capital mar- kets resource
in North- m a r q ’ s Baltimore office, and Anthony Pino , asso- ciate broker of manufac- tured hous- ing invest- ment sales,
Ari Azarbarzin Anthony Pino
for CRE investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. MAREJ
have completed the sale of Red Maple Acres and Mayo’s Mobile Home Park, two manu- factured housing communities totaling 277 lots in the Lehigh Valley region of Pennsylvania. Northmarq represented the seller, Red Maples LLC and Mayo Homes Company . Built in 1960, Red Maple Acres is located at 1190 Grange Road in Allentown and features 202 lots. Built in 1950, Mayo’s Mobile Home Park is located at 7454 Conti- nental Circle in Trexlertown, PA and consists of 75 lots. The sites are located less than two miles apart totaling 64 acres in size and presently stand at 98% occupancy. The transac- tion marks the first sale of the communities since 1963. The sale price was not disclosed. “Red Maple Acres and Mayo’s Mobile Home Park are two of the highest-quality manufactured home parks in the region,” said Azarbarzin. “Following a robust and com- petitive bidding process, the new owners were attracted by the rare opportunity to at- tain significant economies of scale in the booming Lehigh Valley market.” “Both properties have a long history of providing the Lehigh Valley region with highly de- sirable, affordable housing by being continuously owned and operated by the same family for more than 70 years,” said Pino. “We’re confident that the new owners will build upon the legacy of the previous owners and serve as excellent stewards for the community.” The Lehigh Valley metro- politan statistical area was recently ranked the fastest- growing region in Pennsyl- vania for inbound migration among millennials. The region also ranked in the top four percent nationally for total inbound migration. The region was also ranked second in the country among mid-sized markets (i.e., those
Red Maple Acres
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