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5/17/16
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Summer Oaks, a 102-unit, manufactured home community in Eugene, OR, sold for $10.4 mil, or $102k/unit. The asset is situated on 21.8 acres at 3220 Crescent Ave, west of I-5 and north of Randy Pape Beltline.
Summer Oaks is a garden-style mobile home park just north of University of Oregon. Built in 1997, the property is a 55 and older community that offers its residents a resort-like lifestyle with an amenity set to match.
Skip Rotticci, Alexander Cheng and Kenneth Verbeck of Colliers International represented both the seller, Zacron LLC, as well as the buyer, FollettUSA. At a 4% cap rate, the transaction will set a new high watermark for manufactured home community sales in the Northwest.
Summer Oaks garnered multiple offers at valuations previously thought unachievable by most park owners. The seller executed a 1031 improvement exchange into a new market-rate multifamily development, thereby substantially increasing their asset base.
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