Marshalltown, IA (November 8, 2010) - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of the non-performing note for the Timber Valley manufactured housing community. The note, which was in default for several months, was secured by a 145-site community in Marshalltown, Iowa. ARA National Manufactured Housing Co-Directors, Todd Fletcher and Andrew Shih, represented the seller, a CMBS Trust, in the transaction. At closing, a deed-in-lieu was completed, thus immediately conveying title to the property to the buyer.
The note was offered individually or as part of a portfolio that included four other notes for manufactured housing communities; one in New York and three in West Virginia. Due to the proximity of the three West Virginia communities, these notes were purchased together as a package, while the notes for Timber Valley and the New York asset were purchased individually by local owner/operators.
Timber Valley is an attractive community located roughly 50 miles Northeast of Des Moines, and about 65 miles West of Cedar Rapids. Built in 1972 and renovated in 1998, the community is positioned on 39.4 acres in close proximity to Interstate 35 and 80.
At year-end 2009, the property was only 48% occupied and was in need of potentially costly repairs to the on-site sewage lagoon.
"This was an excellent turnaround opportunity," said Shih, "despite the sewer issues, the buyer was able to purchase the note at a heavy discount and gain control of an asset that was once 90% occupied."
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA and the ARA National Manufactured Housing Group, locally, please contact Elizabeth DeKoch at edekoch@arausa.com or 512.637.1223, or nationally, Amy Morris at amorris@arausa.com or 678.553.9366.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country's top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA's unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $6.3 billion in real estate transactions since 2003. For detailed information on ARA's extensive multihousing investment services, visit www.arausa.com.