Vintage MHCs Command $43M in Seattle Suburbs
These communities total more than 300 homesites.
GSC Investments has purchased three manufactured home communities totaling 303 homesites in the Seattle area for a combined $42.5 million, according to Snohomish County public records. The buyer paid $9.5 million for Lynnwood Heights Mobile Home Park, $21 million for Canyon Mobile Park and $12 million for Royalwood Estate Mobile Home Park to two private sellers, the same source reveals.
Public documents also show that the buyer received financing in the form of two loans totaling $15.8 million, originated by the seller of the Canyon and Royalwood communities.
A portfolio deal
Built in 1977 and located at 4111 164th St. SW in Lynnwood, Wash., Lynwood Heights Mobile Home Park has 70 homesites, with common-area amenities including a clubhouse, recreational facilities, on-site management, as well as planned community events. Encompassing 89 homesites, the 1961-built Royalwood Estate Mobile Home Park is at 18501 52nd Ave. W in Lynnwood, and includes parking spaces, a library, laundry facilities, boat and RV storage space, and a clubhouse.
The two communities in Lynwood are situated within 2 miles of each other, close to Interstate 5 and to retailers such as Whole Foods or Walmart. Seattle is some 19 miles to the south.
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Canyon Mobile Park is a gated, 144-homesite community built in 1965 and located at 3333 228th Ave. SE in Bothell, Wash. The asset features amenities such as a clubhouse, laundry facilities, on-site management, a billiard room, as well as RV and boat storage space. Spanning across 26 acres, the property is close to Interstate 405, and near Costco, Target and The Home Depot shops.
All the properties acquired by GSC are 55-plus, pet-friendly communities.
Seen as a cushion against economic shocks, the SFR sector has been attracting multiple investors. Earlier this year, Castle Park Investments entered into a $500 million joint venture with a global real estate investment equity firm for the acquisition of manufactured housing communities, campgrounds and RV resorts across the U.S. The partnership debuted with the purchase of a 700-homesite portfolio in Ohio and Pennsylvania.