Following a story MHProNews posted May 11, 2016 regarding manufactured home community (MHC) owner NorthStar Realty Finance Corp., costar reports NorthStar is selling its portfolio of 135 manufactured home communities to a fund managed by Brookfield Asset Management Inc. for $2.04 billion, 33,010 home sites, the equivalent of $61,800 per site.
Brookfield is also assuming $1.27 billion of outstanding mortgage notes saddling the portfolio. The portfolio also includes manufactured homes as well as receivables for MH sold to residents. Brookfield has paid a non-refundable deposit of $50 million to seal the agreement, which should be finalized in the second half of 2016. The sale will net NorthStar $620 million.
In Q1 2016 NorthStar divested itself of a $900 million portfolio of senior housing assets, netting $150 million. Additionally, NorthStar is in various stages of negotiations to sell 10 multifamily properties, its health care real estate portfolio, and a portion of its medical office building portfolio. ##
(Photo credit: Tri-Star manufactured home community)
