Description de l'actif
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.
Caractéristiques de l'actif
Média
Points clés d'investissement
- Significant growth in Central Oregon
- Attractive alternative asset class
- Upside in excess developable land
- Access to amenities and lifestyle destinations
- High demand for affordable housing
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