MUNCY, PA-Atlanta-based Apartment Realty Advisors recently netted the sale of the Meadow Brook manufactured housing community here. Built in 1968, Meadow Brook is an 83-site, all-age community located in the Susquehanna Valley, about 130 miles northwest of Philadelphia. ARA co-directors Todd Fletcher and Andrew Shih brokered the transaction between the buyer, a local owner/operator, and the seller, Pocono REO Trust, LLC, represented by Berkadia Commercial Mortgage, LLC.

"This was a very unique transaction with several unusual circumstances," Shih tells GlobeSt.com. "The community was an REO asset with a major municipal sewer hookup requirement. In the end, the gross price was $1.4 million--or $16,867 per site--and the buyer, who ultimately purchased the asset through a 1031 Exchange, received a credit of $550,000 for utility improvements."

Despite the sewer issues, Meadow Brook is a well-maintained, three-star community. Each site is individually metered for electricity and the property maintains an onsite water well. Pocono Trust was in the process of planning the community's sewer system conversion from private septic to municipal service and it included that cost in the sale, which will allow the project to be completed.