Berkadia is pleased to present the Great Lakes MHC Portfolio, a 515-site, three-community manufactured housing portfolio located in Erie, Pennsylvania. Currently 92% occupied, the Portfolio benefits from all resident-owned homes, which significantly reduces capital expenditure requirements and limits ongoing repair and maintenance obligations for ownership. Combined with a lean staffing structure, the communities are positioned to deliver efficient operations and attractive operating margins. They are further supported by public utilities that are billed back to residents with an opportunity to improve the utility recapture rate. Only one community is recapturing water and sewer at 95%, and by improving the rate to 90% at the other communities, a new owner could see a $120K increase in income.

The Great Lakes MHC Portfolio offers a rare combination of scale, operational simplicity, stable occupancy, and embedded value-add potential. As such, the Portfolio is well positioned to appeal to investors seeking both immediate cash flow and long-term upside through disciplined management and continued revenue enhancement.

Erie, PA MSA

Erie, Pennsylvania is a small lakeside city in the northwestern corner of the state, situated on the shores of Lake Erie near the Ohio and New York borders. Historically a manufacturing and transportation hub, it’s been transitioning toward a more diversified economy with healthcare, education, and light manufacturing playing larger roles. The city is anchored by institutions like Gannon University and UPMC Hamot, with Presque Isle State Park and the waterfront serving as key recreational and tourism draws. From a multifamily perspective, Erie is generally a stable, lower-cost market with predominantly workforce housing and modest rent levels compared to larger Pennsylvania metros.