Capstone Closes St. Louis MHC Portfolio Sale
The new owner financed the acquisition of Eagle Creek and Cedar Hill Estates with a $5 million loan from Benefit Street Partners Realty Trust.
Capstone Manufactured Housing has brokered the $8 million sale of a 204-site manufactured housing portfolio located within the St. Louis MSA. A private investor sold the 107-site Eagle Creek in High Ridge, Mo., and the 97-site Cedar Hill Estates in Cedar Hill, Mo.
Public records show that BoaVida Communities received a $5 million loan from Benefit Street Partners Realty Trust to finance the acquisition. The debt is set to mature in 2023. The buyer has long-term ownership plans for the properties and intends to convert the remaining community-owned homes over to the residents.
Eagle Creek is located at 1681 S. Golden Circle, less than 3 miles from several retail and dining options, while downtown St. Louis is roughly 23 miles northeast. Located at 69 Cedar Hill Estates, some 35 miles from the metro’s downtown, Cedar Hill Estates is within walking distance of several restaurants and shops. The properties were 95 percent occupied at the time of sale.
Capstone Partner & Director Kevan Enger and Investment Sales Advisors Ian Hilpl and Brian Hummell represented the seller. In September, the trio closed the $15 million sale of a 531-site manufactured housing portfolio in Springfield, Mo.