CBRE Brokers One of the First Sales of a Manufactured Home Community to its Residents in Colorado

CBRE announced the sale of Whitehaven Mobile Home park, a 28-lot mobile home park in Steamboat Springs, Colorado. The Yampa Valley Housing Authority acquired the property for $3.125 million on behalf of the residents of Whitehaven, marking the second acquisition of its kind in the State of Colorado since the State Legislature passed HB22-1287 earlier this year.

Jon Shay with CBRE Capital Markets in Denver represented the seller, Whitehaven LLC. Mr. Shay and CBRE also brokered the first sale of this kind in Colorado earlier this fall in Johnstown.

Whitehaven is located at 2453 Lincoln Avenue in Steamboat Springs, part of Routt County. The community is on public sewer and well water, with all tenant-owned homes. The property has easy access to US Highway 40 and is a vital source of affordable housing in a resort community with some of the most expensive housing stock in the State.

“Whitehaven attracted interest from investors across 17 states and received multiple offers above the asking price. With the dearth of affordable housing throughout the country, and especially in Colorado's resort areas, our team expected and fielded nationwide interest on this property. Ultimately, the residents of the community were able to meet the best offer received by the seller, and they moved with all deliberate speed towards a closing. By fully marketing the community, the seller was able to achieve a higher selling price with the resident group than they would have without multiple offers,” said Mr. Shay, vice president, CBRE.

He added, “Manufactured housing continues to be a darling of the real estate investment world, with resilient fundamentals driven by high demand for affordable housing.”