A California investment and commercial property management firm has acquired Shady Brook Mobile Home Park in Talent for $2.3 million.
Two family trusts, whose ownership dates back to the mid-1970s, closed last week on a deal for the 60-space park with a manager's cottage and laundry building on 6.6 acres off Talent Avenue. The mobile home park dates back to the 1940s, according to county records, and was known as the Shady Brook Trailer Haven until the 1960s.
Storz Management Co., of Orangevale, California, whose president is Andy Carey, has holdings in California, Oregon and Nevada. According to the company website, it operates seven other manufactured home and recreational vehicle parks in Oregon, including Country View Mobile Home Park in Grants Pass.
The dearth of affordable housing throughout Jackson County, coupled with investors looking to park money somewhere other than the stock market has drawn attention to the Rogue Valley, said Portland commercial real estate agent Skip Rotticci of Colliers International, who brokered the deal.
"The Medford area has become a very popular market with investors, especially ones out of California," Rotticci said.
In July, Easy Valley Mobile Village, a 2.28-acre, 26-space park on South Pacific Highway, was dealt for $750,000.
He said the Shady Brook Mobile Home Park deal took 90 days.
"Mobile home parks are a pretty unique investment opportunity, offering affordable housing that isn't necessarily in multifamily housing," Rotticci said. "It offers tenants the ability to have outdoor space without being stacked on top of one another, and it offers investors stable cash flows without a lot of management requirements."
County records show Laura Lee Young acquired the mobile home park along with her husband, F. Walter Young, and William and Thelma Klausner, in 1975 from Philip E. Carter and Erma L. Carter. She was among trust members who took part in the sale.
— Reach reporter Greg Stiles at 541-776-4463 or email@example.com. Follow him on Twitter at www.twitter.com/GregMTBusiness, on Facebook at www.facebook.com/greg.stiles.31.