CBRE Brokers Sale of Colorado MHC
The buyer purchased the 28-lot mobile home park on behalf of its residents.
The Yampa Valley Housing Authority has acquired Whitehaven Mobile Home Park, a manufactured home community in Steamboat Springs, Colo., on behalf of its residents. CBRE‘s Vice President Jon Shay brokered the for $3.1 million deal for the seller, Whitehaven LLC.
The transaction marks the buyer’s second acquisition in Colorado, since the state passed HB22-1287 earlier this year—a law meant to protect mobile home park residents. Shay also represented the seller in the previous deal that closed in Johnstown, Colo.
Located at 2453 Lincoln Ave., Whitehaven features 28 lots, with all homes tenant-owned. The property is connected to the public sewer system and operates on well water.
The pet-friendly community is situated close to U.S. Highway 40, 2.5 miles from downtown Steamboat Springs and within 22 miles from Yampa Valley Regional Airport. The asset is close to multiple retail and entertainment availabilities, such as the Steamboat Art Museum, Old Town Hot Springs, Walmart, Walgreens and others.
The manufactured housing sector is continuing to show great demand and, with Colorado’s lack of affordable housing availabilities, the CBRE team expected heightened interest for the asset, said Shay, in prepared remarks. Other Western U.S. MHC deals that closed this year include the $80 million buy of a 1,230-unit community in Yuma, Ariz., along with the trade of a 197-unit property in Fallon, Nev.