BALTIMORE, Nov. 9, 2023 /PRNewswire/ — Northmarq’s Baltimore office has arranged the sale of Big Spring Terrace, a 159-lot manufactured housing community located at 14 Big Spring Terrace in the borough of Newville in southern Pennsylvania. Situated in Cumberland County, the locality is 36 miles west of Harrisburg.
The property sale was closed by Associate Anthony Pino and Senior Vice President Ari Azarbarzin, who represented the seller, Carlisle, Pennsylvania-based Big Spring Properties.
“The Mid-Atlantic through the Northeast region provides excellent opportunities for investment in the manufactured housing space,” said Pino. “We’re confident that Big Spring Terrace’s new owners will serve as excellent stewards for the community — and will build upon the legacy of the previous owners.”
The sale price and the identity of the buyer were not disclosed.
Pennsylvania has the largest inventory of manufactured housing units in the Northeast. The current occupancy rate in the state is 93.7 percent.
Set on 94 acres in a scenic environment, the all-ages community was built in 1975 and offers spacious sites, off-street parking, and wide streets, as well as community activities, extra vehicle storage, and an on-site office and manager.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes. For more information, visit www.Northmarq.com.