Idle Wheels and Rosewood Manor_Property for Sale
Idle Wheels and Rosewood Manor_Property for Sale
Various locations

Idle Wheels and Rosewood Manor

Portfolio description

Jones Lang LaSalle ("JLL"), on behalf of the owner, is please to present the opportunity to purchase two Manufactured Housing Communities, located in Hoquiam and Sequim, WA. Demand for manufactured housing continues to increase with strong occupancy and rent growth. The compelling narrative created by favorable investor returns, and a growing need for affordable living options continues to attract attention from institutional and private capital, further drive value. 

 

Idle Wheels is a 1.91-acre manufactured housing community and RV park located in Sequim, WA. The offering consists of a community with 23 MH sites and 11 RV sites conveniently located next to Washington Plaza, a grocery-anchored retail shopping mall with name-brand tenants such as Safeway, Starbucks, Goodwill, Subway, and Papa Murphy’s. The city of Sequim resides in the rain shadow of the Olympic Mountains, which showcases the lowest average rainfall in the state, contributing to the mild climate and 300+ days of sunshine. Historical occupancy has remained stable with moderate rate increases to keep pace with inflation. A rate increase is scheduled for 9/1/2024 which would bring the total monthly lot rent to $775 per site.

 

Rosewood Manor MH Park is a 10.40-acre living community located in Hoquiam, WA. The offering consists of a manufactured housing community with 46 sites conveniently located next to downtown Hoquiam, which hosts popular local restaurants and has a Grocery Outlet, Home Depot, and the Harbor Regional Health Emergency Department nearby. In the adjacent town of Aberdeen, there is a Safeway, Rite Aid, and Walmart Supercenter. At the northeast corner of the property, there is potential to develop an additional 16 housing sites, which would generate $108K in annual revenue based on current rents. Historical occupancy of the park has remained stable with moderate rate increases to keep pace with inflation. As of 5/1/2024, rates increased to $565 per month, placing this property in line with the greater Olympia MSA average of $511 for all-age parks. Rosewood commands strong rental revenue given the superior coastline lifestyle and limited housing supply.

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Attributes

Number of units
80
Occupancy
100%
Land area gross
5.21 ha
Idle Wheels and Rosewood Manor (2 Properties)
Idle Wheels and Rosewood Manor (2 Properties)

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Investment Highlights

Idle Wheels:

  • $775 monthly rates set to commence 9/1/2024
  • Situated on public utilities
  • Mild climate with low rainfall contributes to high quality of life
  • Located within immediate proximity to the Olympic National Forest  
  • Lack of affordable housing creates a supply/demand imbalance, positioning the Property favorably
  • Located among a high retail corridor concentration, providing residents convenient accessibility to dining and shopping options. 


Rosewood Manor:

  • 100% physical occupancy 
  • $565 monthly rates commenced 5/1/2024 Achieving rents in line with the greater Olympia MSA
  • Potential for an additional 16 sites at the NE corner of the Property
  • Located within close proximity to the Grays Harbor National Wildlife Refuge  
  • WA is an income tax free state and has no rent control
  • Lack of affordable housing creates a supply/demand imbalance, positioning the Property favorably
  • Close to tenant-friendly amenities including the harbor, parks, hiking trails, local restaurants, shopping centers, and the Kurt Cobain Childhood Home and Under the Bridge Memorial
Idle Wheels and Rosewood Manor 4_Property for Sale
Idle Wheels and Rosewood Manor 4_Property for Sale

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Last updated
26 Aug 2024