Three Pillar Communities has acquired Emerald Coast Estates, a 79-site manufactured housing community in Brookings, Ore. Previously a family owned and operated park, the asset traded for $7.3 million.
Located at 98126 W. Benham Lane on 20 acres, the gated community is on the Brookings-Harbor “bench” between the Pacific Ocean and the backdrop of the Coast Range. The ocean-view property is almost 2 miles from Port of Brookings-Harbor, less than 9 miles from Oregon Redwoods Trail and some 28 miles from Rogue River-Siskiyou National Forest. Completed in 2003, the 55+ park features a community center and green common areas.
Vince Reynolds from Kidder Mathews represented the seller, while Marcus & Millichap’s Sam N. and Jeff Benson worked on behalf of the new owner. Arthur Tuverson from Berkadia arranged the acquisition financing, with Cindy Malone and Robert Strybel of Chicago Title handling the escrow.
At the beginning of June, Three Pillar again worked with Tuverson to receive an $11.1 million Fannie Mae loan. The debt was used to refinance Voyagers Cove, a 149-unit manufactured housing community in Modesto, Calif.