Value-add, 139 unit, 3 park portfolio with upside in rent and large infill component. All 3 parks are located in an opportunity zone.
This portfolio is a value-add opportunity that consists of 3 parks located in very close proximity to each other with a total of 135 MH lots and 4 single-family homes. There are 18 tenant owned homes, 45 rented park owned homes, 3 rented and 1 vacant single-family home, 22 vacant park owned homes, 2 abandoned homes, and 48 vacant active lots. The average lot rental rate is $261, the average home rental rate above lot rent is $359, and the average single family home rental rate is $533. Occupancy is roughly 47% on active lots.
All parks are year-round, all-ages communities serviced by public water and sewer, which is billed back to tenants at a flat rate. All parks are serviced by curbside trash bins, which is billed back to tenants at a flat rate. All parks are serviced by public, direct billed electricity. Two of the parks are linked by parcels included in the sale and function more like a singular park. All parks are in an opportunity zone.
The occupied and vacant park owned homes are an average vintage age of 1978. The vacant park owned homes are a mix of rent-ready, average, and rough condition. The roads are paved in the two larger parks and gravel in the smallest park. The roads are in average condition as our offering price suggests.
We are asking investors to submit offers at or above $3,090,000. Given the quality and metrics of the deal, the portfolio should qualify for traditional recourse bank debt, and possibly for bridge loan or CMBS products.
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