BOZEMAN, MT—Capstone Manufactured Housing has closed the sale of Hidden Valley Estates, an 84-site manufactured housing community located in the fastest growing micro-MSA in the country: Bozeman, Montana.
Fueled by the pandemic, Bozeman has become a “Zoom Boom Town” full of remote workers who have fled densely populated metropolitan areas in favor of more space and less restrictions. In 2020, the area saw a staggering 18.4% population increase, and the cost of living is now more than 20% higher than the national average. In a market where the median price of single-family homes has doubled over the last year, affordable housing has become increasingly scarce and the few existing options are fully occupied—some with waitlists.
“Bozeman’s tremendous growth has created a desperate need and shortage for affordable housing, and Hidden Valley represents one of the last few affordable housing options in the area,” said Capstone’s Hunter LaRocca, who led the brokerage team along with Kevan Enger, Ian Hilpl, and Brian Hummell.
The seller, a 23-year owner of the asset, is actively involved in philanthropic organizations across the Bozeman area and operated Hidden Valley Estates with a commitment to providing residents with a desirable place to call home.
The buyer, an institutional private equity firm, plans to make capital improvements to the community including paving the gravel roads and converting to city utilities. This was the buyer’s first acquisition in the state of Montana, but they were bullish on Bozeman due to the market’s explosive growth.
Situated on 30 acres off Interstate 90, Hidden Valley Estates features 84 sites with private utilities, oversized lots, picturesque mountain views, and privacy shrubs around each lot. The community was 100% occupied at the time of closing.