Northmarq completes $14.3M sale of Pacific Northwest manufactured housing portfolio totaling 213 spaces
LOS ANGELES (Sept. 20, 2024) —Northmarq’s Los Angeles Manufactured Housing Investment Sales team of Jeff Benson, managing director, and Sam Neumark, senior vice president, successfully brokered the sale of a three-property manufactured housing portfolio in the Pacific Northwest for $14.3 million. The portfolio totals 213 spaces and includes:
- Oaks Mobile Home Park (MHP) — 38308 Lakeshore Dr. in Woodland, Wash.
- Woodlands Mobile Home Community (MHC) — 39100 NW Pacific Hwy in Woodland, Wash.
- Western Star Mobile Home Community (MHC) — 101 Lad Ln. in Roseburg, Ore.
Northmarq represented the seller and buyer on both transactions. Western Star Mobile Home Community was acquired by Harmony Communities, a private investment group based out Vancouver, BC. The Woodland communities were acquired by Hurst and Son LLC, a private investor based out of the Pacific Northwest.
“The sale of the Pacific Northwest Portfolio demonstrated that despite the volatility in the capital markets, demand for quality assets in strong locations — such as Oregon and Washington — remains quite strong,” said Managing Director Jeff Benson.
“With the limited number of manufactured housing communities available for sale in core markets, this acquisition offered both buyers the opportunity to scale their existing Pacific Northwest portfolios with the addition of these quality assets,” said Senior Vice President Sam Neumark.
Throughout the portfolio, almost all spaces are tenant-owned with a mix of single- and double-wides and a limited number of RVs. Woodland, located just 30 minutes north of Portland, Oregon, and Roseburg are conveniently located along the Interstate 5 corridor and have experienced strong growth and increased housing values in the past five years. Each property is in close proximity to restaurants, grocery stores, entertainment venues and schools.
Woodlands MHC & Oaks MHP features 96 spaces total. The all-age communities boast large housing lots, and Woodlands’ community amenities include a clubhouse, library and waterfront along the Lewis River. Built in 1973, Western Star MHC offers 117 pads and 46 storage units in the heart of Rosenburg, Oregon.
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