Bridge Investment Group has purchased Candlelight Village in Sauk Village, Ill., from Sun Communities, The Real Deal reported. Public records show the 309-site community traded for $30.1 million. Additionally, KeyBank originated a $21.3 million Freddie Mac acquisition loan that is set to mature in 2028.
READ ALSO: Why Infrastructure Matters for Manufactured Housing Communities
Located at 4 Candlelight Drive, the property is close to retail and dining choices and within walking distance of public transit. Downtown Chicago is roughly 30 miles north of the property. Common-area amenities Candlelight Village include a clubhouse, mail center and pond.
As demand for affordable housing continues to grow and the supply of manufactured homes remains limited, the sector has become an attractive option for investors, especially since the onset of the pandemic. Flagship Communities Real Estate Investment Trust, for example, recently paid $16.3 million for Woodland Acres, a 231-unit manufactured housing community in Springfield, Ill. Earlier this year, Shopoff Realty Investments acquired three manufactured housing communities totaling 611 lots in Bourbonnais, Lincoln and Marseilles, Ill.