Northmarq’s Los Angeles office brokers $15 million sale for Olive Hill Mobile Home Community in Oroville, California
LOS ANGELES, CALIFORNIA (October 11, 2022) – Jeff Benson, managing director, and Sam Neumark, senior vice president of Northmarq’s Los Angeles investment sales office, secured the $15 million sale of Olive Hill. The 128-space mobile home community is located at 2921 Wyandotte Avenue, Oroville, California.
“The buyer and seller performed excellently throughout this transaction, with the buyer’s motivation stemming from the high quality of the asset and synergies within the Oroville market. The ultimate sale price, at $117,187 per pad, is indicative of the fact that the manufactured housing sector continues to demonstrate resilience throughout all market environments,” said Neumark.
Olive Hill mobile housing is situated in Oroville, California, home to the Feather River in the Sierra Nevada Foothills within the Northern Sacramento Valley. The age restricted, senior community features unique amenities including a billiard room, library, laundry facilities, swimming pool, clubhouse, and boat/RV storage. There are monthly planned social activities offered to residents with an accessible on-site staff and sales office.
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