TULSA, OK—Capstone Manufactured Housing has closed the $4,450,000 sale of Pine Creek Estates: a manufactured housing community in Catoosa, Oklahoma. The 20-acre asset consists of 138 manufactured housing sites—16 of which are RV sites. It is situated less than 14 miles from downtown Tulsa and just 1.3 miles from the Hard Rock Casino and Hotel off I-44.
Capstone’s Ian Hilpl, Kevan Enger, and Brian Hummell led the transaction team for the sale of Pine Creek Estates.
“Pine Creek Estates is a very well-positioned asset on the east side of the Tulsa MSA. The Catoosa submarket is poised for tremendous growth, which the community will absolutely benefit from,” said Hilpl, the lead broker on the sale.
Pine Creek Estates boasts easy accessibility to Tulsa and other demand drivers in the immediate area, including the Hard Rock Casino and Catoosa School District. The asset’s direct-billed city utilities, rental upside, and minimal park-owned homes gave it an attractive profile for prospective buyers, which produced 14 competitive offers throughout the marketing process.
“The seller did a great job preparing his asset for sale by completing substantial cap ex projects, including $100,000 worth of road repair, raising rents closer to market, and bringing in several new homes that enhanced the curb appeal of the community. Our team was able to attract a sizable buyer pool for Pine Creek Estates based on the strong location, substantial upside, and strong profile,” Hilpl added.
The new buyer plans to bring in new homes to lease up remaining vacant sites, utilize the vacant land for a playground and common area for the residents, and create a longer-term tenant base by converting the RV sites into MH sites.