A residents’ cooperative now officially owns Tanglewood Estates mobile home community in Keene, 2½ months after co-op members voted to purchase the park.
The co-op closed on the sale last week, according to a news release Tuesday from the N.H. Community Loan Fund, a Concord-based nonprofit organization that has been assisting in the transaction.
The purchase price was $20 million, the release said. Deeds transferring ownership and other documents related to the sale were filed Monday with the Cheshire County Registry of Deeds.
Sitting on about 100 acres at the junction of Court Street and Maple Avenue in northwest Keene, Tanglewood has 328 home sites.
The sale ends a process that began late last year, when The Hynes Group, a Vancouver-based company that owned the park at the time, announced plans to sell Tanglewood and five other New England properties to a Michigan-based company.
New Hampshire law requires owners to notify residents before selling a mobile home park, so they can consider whether to buy it themselves.
Tanglewood residents formed a co-op in December to explore a possible purchase. In April, co-op members voted narrowly to move forward with the transaction, in a meeting some residents described as contentious.
The transaction involved a community development block grant, as well as financing from the N.H. Community Loan Fund, The Provident Bank and the New Hampshire Housing Finance Authority, according to Tuesday’s news release.
Mobile-home parks in Allenstown and Conway that were part of the proposed Hynes Group sale have also been bought by resident-owned co-ops, the release said.
Under a cooperative, members elect a board of directors to manage the park. Major decisions, including rent increases and bylaw changes, must be approved by a vote of the full membership, according to the N.H. Community Loan Fund.