Berkadia Completes Sale and Secures Financing for Major Manufactured Housing Portfolio in Michigan
Michigan – November 12, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale and financing of the Michigan MHC Portfolio, featuring four manufactured housing communities comprising 335 sites across the state. Senior Managing Director Kevan Enger of Berkadia Manufactured Housing led the sale on behalf of the seller, California-based Urban West Ventures.
Senior Director Scott Modelski of Berkadia Scottsdale secured acquisition financing through Barclays – Conduit on behalf of the buyer’s Chicago-based affiliate, Butler Communities. The deal closed October 10.
“This portfolio is a prime example of the stable cash flow and growth potential found in well-located manufactured housing assets, especially with below-market rents, public utility bill-backs, and recent capital improvements,” said Enger. “It was also a great example of the importance of working with a vertically integrated investment sales and mortgage banking team to ensure a smooth and successful process for both the buyer and seller. Our comprehensive approach allowed us to maximize value and streamline the transaction from start to finish.”
Portfolio Details:
- Pontaluna Shores, Norton Shores (132 sites): 95% occupancy, $414 avg. lot rent, built in 1967.
- Broadway Acres, Mount Pleasant (70 sites): 93% occupancy, $340 avg. lot rent, built in 1986.
- University Mobile Estates, Whitmore Lake (69 sites): 87% occupancy, $430 avg. lot rent, built in 1952.
- Brookhaven, Comstock Park (64 sites): 75% occupancy, $453 avg. lot rent, built in 1970.
Residents benefit from proximity to major employers, universities, and Michigan’s outdoor attractions. Each property recently received a series of capital improvements and features strong occupancy relative to the market, offering both stability and future upside.
Berkadia Manufactured Housing delivers best-in-class mortgage banking, investment sales, and advisory services to owners and investors of manufactured home communities and RV resorts. With decades of experience and trusted partnerships, Berkadia Manufactured Housing offers customized solutions to meet our clients’ unique investment goals. Whether financing a new acquisition, refinancing an existing property, or exploring investment opportunities, Berkadia Manufactured Housing is there to guide them with unparalleled expertise and a commitment to client success.
Berkadia closes sale and financing of portfolio of manufactured housing in Michigan | RE Journals
Berkadia Brokers Sale of 335-Site Manufactured Housing Portfolio in Michigan | RE Business Online