$14.3M Pacific Northwest Manufactured Home Portfolio Sold Amid Strong Demand

Photo bySean Oulashin

In a significant real estate transaction, Northmarq’s Los Angeles Manufactured Housing Investment Sales team brokered the sale of a 213-unit manufactured home portfolio in Oregon and Washington for $14.3 million. Despite current market volatility, the demand for well-located manufactured housing communities remains robust, with both buyers seeing opportunities to expand their holdings in this key region.

The portfolio includes:

• Oaks Mobile Home Park – 38308 Lakeshore Dr., Woodland, Washington
• Woodlands Mobile Home Community – 39100 NW Pacific Hwy, Woodland, Washington
• Western Star Mobile Home Community – 101 Lad Ln., Roseburg, Oregon

A Strategic Acquisition for Two Buyers

The Woodland properties were purchased by Hurst and Son LLC, a private investor based in the Pacific Northwest, while the Western Star Mobile Home Community was acquired by Vancouver-based Harmony Communities, a private investment group.

This sale, facilitated by Jeff Benson, Managing Director at Northmarq, and Senior Vice President Sam Neumark, reflects the growing demand for stable housing options in thriving markets like Oregon and Washington.

"The sale of this Pacific Northwest portfolio highlights how strong the demand for quality assets remains, particularly in prime locations like these," said Jeff Benson. "Even with the ongoing challenges in capital markets, buyers are eager to invest in communities with strong growth potential."

Neumark added, “With a limited number of manufactured housing communities available in core markets, this acquisition allowed both buyers to scale their portfolios in a highly competitive region.”

Community Appeal and Growth

The Woodland properties, Oaks Mobile Home Park and Woodlands Mobile Home Community, offer a combined 96 spaces, including large housing lots and community amenities such as a clubhouse, library, and waterfront along the scenic Lewis River. These all-age communities are located just 30 minutes north of Portland, Oregon, making them highly attractive to both residents and investors.

Western Star Mobile Home Community in Roseburg, Oregon, built in 1973, offers 117 home sites and 46 storage units, catering to RV and boat owners. This all-age community is situated along the I-5 corridor, a vital link between cities, contributing to its strong growth in recent years.

Both Woodland and Roseburg have seen significant appreciation in housing values over the past five years, further solidifying the appeal of these properties. Proximity to major amenities, including schools, restaurants, entertainment, and grocery stores, adds to the attractiveness of these investments.

Northmarq's Ongoing Success

This deal is just one of several significant transactions Northmarq has facilitated in 2023. In August, the firm brokered the sale of two Pennsylvania communities, totaling 163 homesites, and earlier this year, managed the sale of a 277-site portfolio in the same region. Northmarq continues to leverage its deep expertise to deliver innovative solutions for clients across major asset classes.

With the continued interest in manufactured housing as a stable investment, properties in the Pacific Northwest remain highly sought-after, providing opportunities for growth in a shifting real estate landscape.