Three Pillar Communities has acquired Emerald Coast Estates, a 79-site manufactured housing group in Brookings, Ore. Beforehand a household owned and operated park, the asset traded for $7.3 million.
Situated at 98126 W. Benham Lane on 20 acres, the gated group is on the Brookings-Harbor “bench” between the Pacific Ocean and the backdrop of the Coast Vary. The ocean-view property is sort of 2 miles from Port of Brookings-Harbor, lower than 9 miles from Oregon Redwoods Path and a few 28 miles from Rogue River-Siskiyou Nationwide Forest. Accomplished in 2003, the 55+ park contains a group heart and inexperienced frequent areas.
Vince Reynolds from Kidder Mathews represented the vendor, whereas Marcus & Millichap’s Sam N. and Jeff Benson labored on behalf of the brand new proprietor. Arthur Tuverson from Berkadia organized the acquisition financing, with Cindy Malone and Robert Strybel of Chicago Title dealing with the escrow.
At the start of June, Three Pillar once more labored with Tuverson to obtain an $11.1 million Fannie Mae mortgage. The debt was used to refinance Voyagers Cove, a 149-unit manufactured housing group in Modesto, Calif.