Residents of Jo-Len Village, a Marlborough mobile home park, have bought their complex for $14 million.
The group decided to band together to buy the site after getting a notice a year ago the community was for sale, according to the Cooperative Development Institute, a Northampton nonprofit whose mission is to help establish cooperative enterprises. The institute provided technical assistance to the Jo-Len Village residents to form a resident-owned community.
The Jo-Len Residents Association bought the property at 295 Boston Post Road East from Anthony Valchuis and the V&V Realty Trust, whose trustees are Anthony and Victoria Valchuis. The deal closed Dec. 9.
Financing was largely provided by ROC USA, a New Hampshire mobile home nonprofit that aims to increase home site ownership, which said it financed about $13.5 million for the purchase, as well as by the The Local Enterprise Assistance Fund, a Boston community development financial institution supporting resident- and worker-owned cooperatives nationally.
The nearly 17-acre site has about 115 homes and was last assessed by the City of Marlborough at nearly $3.4 million.
