Northmarq Brokers Sale of Pacific Northwest MHC Portfolio
Two different investors purchased three properties.
Three manufactured housing properties in the Pacific Northwest area have changed hands for a combined $14.3 million, in a deal facilitated by Northmarq’s Los Angeles Manufactured Housing Investment Sales team. The brokerage represented both parties.
The 213-site portfolio includes two manufactured housing communities in Woodland, Wash., and one in Roseburg, Ore.
Oaks Mobile Home Park and Woodlands Mobile Home Community were sold by two separate entities that lead to a private investor in Tempe, Ariz., according to Clark County public records. The buyer of the assets was Hurst & Son LLC, a Port Orchard, Wash.-based manufactured housing investor and development company.
Douglas County public records show that an entity that leads to a private investor in Addison, Texas, was the previous owner of Western Star Mobile Home Community in Roseburg. Vancouver, Canada-based Harmony Communities purchased the property.
MHC demand remains high
Quality assets in strong locations are hard to find, with demand for communities in good locations like Oregon and Washington still very strong, according to a prepared statement from Northmarq Managing Director Jeff Benson, who facilitated the sale together with Senior Vice President Sam Neumark.
The Pacific Northwest portfolio includes a mix of single- and double-wide manufactured homes and RV spaces, with the majority of them being tenant-owned.
Located at 38308 Lakeshore Drive, Oaks Mobile Home Park is right across Woodlands Mobile Home Community, which is at 39100 NW Pacific Highway. Totaling 96 home lots, both communities are all-age and include large housing lots, a library, a clubhouse and waterfront along the Lewis River. Additionally, there are multiple schools, dining and retail options in the area.
The Western Star Mobile Home Community is at 101 Lad Lane in the heart of Roseburg and includes 117 home lots and 46 storage units for RVs and boats. Built in 1973, the all-age community is close to multiple campsites and within 3 miles of Winston, Ore.
Active in the MHC space
This year, Northmarq brokered several other manufactured housing deals. The most recent one closed in August, when the company represented M.E. Management in the sale of two mobile home communities totaling 163 homesites in Pennsylvania’s Lehigh Valley area. In February, Northmarq facilitated the sale of a 277-sites portfolio in the same area, on behalf of the seller.
