Century Drive Mobile Park Sells for $3.65 Million

Fratzke Commercial Real Estate Advisors, Inc. announced the sale of Century Drive Mobile Park, located at 141 SW 15th Street in Bend, for $3,650,000. Century Drive Mobile Park consists of 71 units on 8.68 acres of land.  The 71 residents of the park formed a coop with the support of the Community and Shelter Assistance Corporation (CASA) of Oregon.

Brian Fratzke, CCIM and principal broker of Fratzke Commercial represented the seller. Windermere / Community Commercial represented the buyer, resident-formed cooperative corporation, the West Side Pines Cooperative.

“In a time of investors dominating the real estate market, the acquisition of this property by the tenants is a great achievement,” said Fratzke. Tenants will be able to stay in their homes, self-manage and run the mobile park as a cooperative.

“They purchased the park to control their destiny as there is little to no low income housing available in Bend,” explained Fratzke.  “The Park was owned by Jim Hull who listed the park for sale with me two years ago. We had several offers from developers all of whom wanted to redevelop the park and remove the residents.

“But in the end, Jim and I worked with Rose Mary Ojeda, MHPP program manager for CASA along with many other people to complete the sale to the residents of the park.”

Hull, who received the mobile park in 2010 from the 1031 Summit bankruptcy, explained that the tenants came to him and made an offer and he accepted it. The funding came from several sources. “I wasn’t really planning on running a mobile home park so this worked out great to have the tenants acquire it.”

The president of the cooperative is Richard Day who is also a resident in the Park.

CASA of Oregon helps local direct-service organizations improve the lives of Oregonians, particularly in the rural areas of the state. The non profit says they are organizers, advocates and development consultants focused on building hope, homes and financial health for those in need.