EUGENE, OR – Colliers International brokered the sale of Eugene’s SongBrook, a well maintained 55 and older manufactured home community to R&D Management LLC for a record $13.8 million, more than $98,000 per unit. The transaction was also at a record-setting cap rate of 5%.
Representing the seller, SongBrook LLC, in the transaction was Colliers International’s multifamily, apartment and manufactured home team of Skip Rotticci, Beth DuPont and Alex Cheng.
“It was a pleasure to broker the sale and represent such a well-maintained family asset. Our strategy and expertise also enabled the seller to gain a 10% higher return than expected on the sale,” said Skip Rotticci, Associate Vice President at Colliers International. “Due to the active interest and buyer pool the property received multiple offers and went under contract in less than 20 days.”
Located at 4055 Royal Avenue in Eugene, SongBrook is a gated, manufactured home community with 140 homes and home sites on 31.69 acres. All homes are double/triple/quad sections with attached garages and large yards.
About Colliers International: Colliers International Group Inc. is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm. For the latest news from Colliers International, visit Colliers.com, or follow us on Twitter: @ColliersIntl and LinkedIn. To see the latest news on Colliers International in Portland, follow @ColliersPDX.