A manufactured-homes development in Eugene has sold for $10.4 million, or $102,000 per pad – a record for that asset class in the Northwest, according to the firm that brokered the deal.

The transaction’s capitalization rate was 4 percent, according to the Colliers International Portland multifamily advisory team of Vice President Skip Rotticci and associates Alexander Cheng and Kenneth Verbeck.

The asset, Summer Oaks, has 102 manufactured homes on 21.8 acres. The 55-and-older community at 3220 Crescent Ave. in Eugene is near Interstate 5 and Beltline Road, several miles north of the University of Oregon campus.

The Colliers team represented the buyer, FollettUSA, and the seller, Zacorn LLC.

FollettUSA, based in Sacramento, California, is a manufactured-homes developer that owns 6,000 units in 10 states. Its only other Oregon property is Santiago Estates, a 250-unit manufactured-homes community in Springfield.

Zacorn LLC, registered in 1996, is a local partnership with three members and a registered agent with addresses listed in Eugene. Zacorn used a “like-kind” exchange under Internal Revenue Code Section 1031 to invest in a market-rate multifamily development.

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