Total Price $25,000,000
Stable with Upside Portfolio
Well located, 448 active lots, five park manufactured home community portfolio with upside in occupancy, lot rent and a 42-lot expansion area.
The portfolio is a stabilized opportunity with upside consisting of 5 land-lease communities in strong NY MSA markets. The portfolio has 438 active lots with 353 lot rent only tenants each paying an average lot rental rate of $483 per month. There are 8 park owned home tenants and 0 vacant park owned. There are 77 vacant active lots. There is also a 10-unit apartment building that is fully occupied that is included in the deal. Current occupancy is roughly 82% on active lots.
All parks are year-round, all-ages communities and has city water & sewer at 1 park and private water & sewer at 4 parks. Woodcrest Acres & Forest Hills provide water & sewer services to its tenants and is included in the rent. Forest Hills utilizes a wastewater treatment plant that has no known deferred maintenance. Pine Hill, Country Acres & Valley View bill back the water & sewer to the tenant.
The tenant owned units are a mix of newer & older vintage but all in above average condition. Roads at 4 parks are paved with 1 park having gravel roads and all roads in mostly average condition as our offering price suggests. No parks are in flood-zones.
We are asking that investors submit offers at or above $25,000,000. Given the quality of the asset and expansion potential, this 5 park portfolio should qualify for non-recourse financing.
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