Lakewood Village & Mountain Aire MHCs 2 Multifamily Properties in Lakewood, CO

CBRE’s National Manufactured Housing & RV Specialty Practice is pleased to present Lakewood Village & Mountain Aire, a two-community manufactured-housing portfolio totaling 88 sites in Lakewood, Colorado — an established, in?ll submarket of metropolitan Denver. The communities sit nearby to one another at 1409 Allison Street (Lakewood Village MHC) and 1550 Depew Street (Mountain Aire MHC) in Jefferson County, offering a buyer the operating efficiency of a single-management footprint within one of the Mountain West’s most supply-constrained housing markets.
The portfolio is approximately 79.5% occupied, with 70 of 88 sites ?lled and 18 pads available, providing a clear, identi?able path to NOI growth through lease-up. The resident base is predominantly tenant-owned (69 tenant-owned homes against just ?ve park-owned units), which limits the new owner’s capital and maintenance burden while supporting durable, owner-occupied tenancy. In-place average site-only rent of roughly $825 per month and average occupied home-plus-site rent of approximately $1,995 leave meaningful room to mark rents to market over time.
Beyond lease-up and rent growth, the portfolio offers a substantial expense-normalization opportunity: the trailing-twelve operating expense ratio of approximately 54% normalizes toward the high-30% range under stabilized, market management, driving a material lift in net operating income. Together, lease-up, rent mark-to-market, and expense optimization underpin a compelling value-add thesis in a market where new manufactured-housing supply is effectively prohibited.
Both communities operate as legal nonconforming manufactured-home uses within the City of Lakewood’s M-G-U (Mixed Use – General – Urban) zoning district, with the right to rebuild following casualty preserved under the City’s nonconformity provisions — reinforcing the scarcity value of an irreplaceable infill land position while preserving long-term optionality.
Beyond current MHC operations, the sites carry meaningful long-term redevelopment optionality. The City of Lakewood has demonstrated a receptive posture toward mixed-use and multifamily redevelopment in this corridor, and the M-G-U zoning — which permits a range of residential and commercial uses by right — positions a future owner to pursue density at the appropriate time.
Please do not visit or contact anyone in the communities without prior approval from the listing brokers.