JLL, as the exclusive advisor, is pleased to present the opportunity to acquire Hillcrest Mobile Home Park (the
“Property”), a 84% 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 38 manufactured home sites, 22 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 stable 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.
