Athena Real Estate has purchased Century Oaks Retirement Community, a 71-site manufactured housing community in Biloxi, Miss. The buyer acquired the asset through an Athena affiliate and intends to operate the property under the Applebrook Homes umbrella.
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According to public records, a California-based investor sold the over 55 property. Wells Fargo Bank originated $2 million in Fannie Mae acquisition loan for the new owner. The financing is set to mature in 2031.
Located at 1718 Pass Road, the gated community is within walking distance of several dining and retail choices, less than a mile from the Mississippi Gulf Coast and roughly 5 miles from Interstate 110. Century Oaks features all double-wide homes range in size from 1,000 to 1,750 square feet.
Earlier this year, MidCap Loans arranged $10.8 million in Fannie Mae financing for Treehouse Communities. The debt included a 12-year term, 30-year amortization and a fixed rate in the low 3 percents.
