Contact Information

Anja Jauregui

Jones Lang LaSalle

CONTACT BROKER

Price: $3,880,000
Listing ID: 6707181
Posted On: Aug 28, 2024
Updated On: Nov 12, 2024

Description

JLL, as an exclusive advisor, has been retained to offer the opportunity to acquire the CMG 3 Pack (the “Portfolio”), consisting of 3 manufactured housing communities located in Clarkston, WA and Lewiston, ID. Each property is centrally located and together offer a total of 68 sites spread across 6.41 acres. This presents an opportunity to achieve scale within the market, allowing investors to establish a foothold immediately. The average in-place rents across the Portfolio amount to a monthly rate of $572, which offers value-add potential through infill and rental growth. With 97% occupancy, public utilities, and a stable but growing market with strong demand for affordable housing, this investment presents an excellent opportunity to create scale or enter the Clarkston/Lewiston market.

Clarkston, Washington shares close ties with Lewiston, Idaho, and the two cities together form a bustling twin cities region known as the “Banana Belt” of the Lewis Clark Valley. The immediate area boasts breathtaking natural beauty, with the confluence of the Clearwater and Snake Rivers nearby, providing residents with a high quality of life and abundant opportunities for outdoor recreation such as boating, fishing, paddleboarding, mountain biking, and hiking along riverside trails. The downtown area contributes to a welcoming small-town atmosphere with its local shops and restaurants, while also offering amenities typically found in larger cities, including an airport located in Lewiston and major big-box retailers such as Costco, Walmart, and Home Depot.

3 Property Portfolio:
Cherry Hill MHP: 1135 20th Ave, Clarkston, WA 99403
Home Town MHP: 928 Warner Ave, Lewiston, ID 83501
Green Lantern MHP: 1029 Cedar Ave, Lewiston, ID 83501

Location

Lewiston and Clarkston are neighboring cities located in the Lewis-Clark Valley at the confluence of the Snake and Clearwater rivers. This region is surrounded by beautiful landscapes and offers a range of amenities for residents and visitors alike.

Lewiston is the larger of the two cities and serves as the economic and cultural hub for the area. It has a vibrant downtown area with a mix of locally owned shops, restaurants, and art galleries. The lively atmosphere is complemented by the city’s rich history, with several historical buildings and landmarks to explore, including the Lewis-Clark State College campus.

Clarkston, on the other hand, offers a more laid-back atmosphere and is known for its small-town charm. The city is located on the Washington side of the river and provides picturesque views of the surrounding hills. Clarkston serves as a gateway to the Hells Canyon National Recreation Area, offering outdoor enthusiasts a range of recreational opportunities, including hiking, fishing, and boating.

Both Lewiston and Clarkston benefit from their proximity to the rivers, providing residents with ample opportunities for water-based activities such as fishing, boating, and kayaking. Additionally, the Lewis-Clark Valley boasts numerous parks, nature reserves, and hiking trails, providing residents and travelers easy access to nature and the great outdoors. The area also hosts a variety of events and festivals throughout the year, showcasing the local culture and community spirit. From the Lewiston Roundup, a popular rodeo event, to the Dogwood Festival in Clarkston, there are plenty of opportunities for residents and visitors to come together and celebrate.

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