The Esterson MHC Team of Marcus & Millichap is excited to present a unique investment opportunity to acquire a portfolio of 7 manufactured housing communities (MHCs) strategically located across Pittsburgh, Pennsylvania. This extensive portfolio comprises 526 sites with a 63% occupancy rate. There are currently 333 tenants, 379 MH Lots, 12 RV Lots, 2 SFH units, 41 occupied park-owned homes (POH), 28 rent to own homes (RTO) and 193 vacant lots.

KEY INVESTMENT HIGHLIGHTS:

• Geographic Focus: The communities are all located in the Pittsburgh, PA area, providing focus in a stable and growing market.

• Significant Scale: The portfolio’s 526 sites offer notable scale, enabling economies of scale in management and operations, enhancing the overall investment’s stability and potential for growth.
• Strong Upside in Occupancy Rate: With a 63% occupancy rate, the communities are well-established with a solid resident base, ensuring immediate and steady rental income. There is also room for increasing rents and occupancy, presenting a value-add opportunity.
• Limited Park-Owned Homes: Only 41 homes are park-owned. This reduces maintenance responsibilities and costs associated with owning and managing homes. It also allows for potential conversion to tenant-owned homes, further increasing cash flow and decreasing operational expenses.

This portfolio offers a compelling opportunity to invest in a focused, scalable, and income-generating asset class. With immediate cash flow, value-add potential, and geographic focus, this investment aligns well with strategies aimed at long-term growth and income stability in the affordable housing market.

We are asking investors to submit their best offers, as no pricing guidance will be given. All offers must include price, inspection timelines, appropriate terms, proof of funds, a list of due diligence required from owners, and relevant real estate experience.