By Jack Stubbs
On Monday, September 10th, a mobile home park in Milton, Washington, sold for $15.5 million, according to public records filed with King County. The buyer was Irvine, California-based Investment Property Group, a real estate investment firm that specializes in manufactured home communities throughout the Western U.S. The seller was Heather Hills LLC, an entity affiliated with Gary and Judith Dunham based in Lake Tapps, Washington. The transaction was recorded on September 12th.
The transaction was for 23 separate parcels, according to King County records. The Heather Hills mobile home park, located at 2500 Alder St., contains 126 different sites and was built in 1977, according to the web site for the property.
The property is approximately nine miles east of downtown Tacoma and five miles south of Federal Way. Additionally, the asset is roughly six miles north of Sumner and four miles from access to Washington State Route 167.
Investment Property Group manages manufactured homes for sale throughout the Pacific Northwest, as well as Arizona, California, Idaho, Nevada and Utah, according to the company’s web site. For the buyer, the recent acquisition of Heather Hills represents a continuation of the company’s strategy, according to Amber Monte, president of Investment Property Group. “We think Heather Hills is a beautiful addition to our portfolio,” Monte said. “We intend to continue operating the community in the same quality manner as previously.”
Investment Property Group’s Puget Sound region portfolio includes properties in Auburn, Vancouver, Richland, and Buckley, among other locations.