Contact Information

Anja Jauregui

Jones Lang LaSalle

CONTACT BROKER

Price: $3,700,000
Listing ID: 5917408
Posted On: May 29, 2024
Updated On: Jun 25, 2024

Description

JLL, as the exclusive advisor, is pleased to present the opportunity to acquire Hillcrest Mobile Home Park (the
“Property”), a 100% occupied, 62-unit manufactured housing and RV community situated on a 7.14-acre parcel in Madras, Oregon. The offering consists of a community with 62 pads, including 49 manufactured home sites, 11 RV sites, and 2 single-family homes. The Property is conveniently located alongside HWY 97, the primary north/south arterial connecting Madras to the greater Central Oregon area. The Property provides much-needed workforce housing, offering residents a plethora of nearby recreation options while being situated among everyday necessities.

The Property has demonstrated stabile occupancy and year-over-year rent growth. With the lack of new supply, and increased in-migration, the Property is well positioned for significant rent upside. Based on comparable market rents, near-term rent growth is accelerating due to the limited new supply resulting from challenges in obtaining the proper zoning and necessary entitlements for similar housing communities.

Location

Central Oregon has led the state’s population growth over the last two decades; in fact, nearby Deschutes County continues to be one of the fastest-growing areas in the country. Further, the region has led the state in job growth over the past ten years, creating a region that is characterized by dynamic small businesses and entrepreneurial activity. The population boom has created a housing shortage with neither for-sale or for-rent housing starts keeping pace with the population increase. As a result, average annual rent growth has been strong and vacancy low, trends that are forecasted to remain into the foreseeable future given the continued supply and demand imbalance. For new residents, Central Oregon is a lifestyle choice, offering a friendly environment, year-round recreation options, and world-class amenities — all with a hassle-free, small-town feel. From a ranch in Prineville to an upscale urban condo in Bend, the region presents a rare diversity of places to live, work and play. Six major public-school districts serve over 32,000 students; there are also 30 private schools in the region. The region is also home to Central Oregon Community College (COCC) and Oregon State University – Cascades, a four-year university.

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