The Esterson MHC Team is pleased to present this 3-park, 142-unit manufactured housing portfolio, a stabilized with upsideinvestment opportunity located in an excellent market.

Burlington, NC is strategically positioned between the major metropolitan areas of Greensboro and Raleigh-Durham. It serves as a pivotal economic hub in the region and benefits from excellent connectivity and access to key transportation arteries like interstate 40 and 85. Commonly known as the Research Triangle, the Raleigh-Durham-Chapel Hill MSA is experiencing rapid and sustained growth, with Raleigh-Durham named one of the top 25 fastest growing places in the US in 2023. The Greensboro-High Point MSA is also experiencing sustained growth and is home to major corporations like Volvo Trucks North America, Honda Aircraft Company, and the VF Corporation. With a diverse economy driven by manufacturing, healthcare, and education, population growth of 3.7%, and 2-bedroom apartment rents now over $1,000, Burlington has an ever-growing need for affordable housing.

This portfolio consists of 140 manufactured housing (MH) lots, 1 single-family home (SFH), and 1 commercial unit. There are 131 tenant owned homes (TOH), 3 rented park owned homes (POH), 1 rented SFH, 1 rented commercial unit, and 6 vacant MH lots. The average MH lot rental rate per month is $428, the 3 POH’s have an average total rent per month of $603, the SFH is rented for $1,000 per month, and the commercial unit is rented for $1,400 per month. These rental rates take effect June 1, 2024.

The portfolio is serviced by public water and sewer at all parks, which are billed back to tenants based on usage. All parks are serviced by dumpster for trash, which is paid for by the landlord and included in rent. Electricity is public and billed directly to tenants at all parks. The TOH’s are generally older models but in average condition. The roads are gravel at all parks and are currently being improved, but will remain gravel. The 3 POH’s are older models in average condition. None of the parks are in a flood zone. All of the parks are in an opportunity zone.

With high occupancy, below market rents, and an excellent location, this portfolio presents a great opportunity to create more scale or enter with scale into one of the fastest growing regions of the country. This portfolio is being offered at a price of $8,250,000. All offers must include price, inspection timelines, appropriate terms, proof of funds, and relevant real estate experience.