High-Quality Value-Add MHC Community
The Esterson MHC Team presents an exciting opportunity to invest in Boswoods Estates, a high- quality value-add community located in Somerset County, Pennsylvania. Boswoodscurrently has 23 active lots and has an approved expansion area allowing for 104 total lots. This manufactured housing community offers multiple upside opportunities, including occupancy upside, rent growth, and home sales.
Situated between Pittsburgh and Harrisburg, residents enjoy a peaceful rural atmosphere while being in close proximity to two major metropolitan areas. Pennsylvania’s population of over 13 million residents makes it the 5th most populated state in the US, and the Johnstown-Somerset PA MSA, where Boswoods Estates is located, has a population of 207,601. This area is known for being a desirable place to retire, with an average age of 52 years old.
Boswoods Estates is strategically built to provide its tenants with a best-in-class lifestyle community near major population centers, and it’s not affected by a flood zone. Currently, only 16 out of the 23 active lots lots are rented. There are 7 vacant lots that are home ready. The expansion area has 81 vacant and mostly undeveloped lots. Of the 81 undeveloped lots, 21 lots are nearly home-ready, and the remaining 60 lots will need further development.
Tenants are billed directly from the municipality for public water, sewer, trash, and electric utility systems, and all systems are in good working order. With an average lot rental rate of $440 per month, which is below the current market rate, the overall market can support substantially higher lot rents based on limited affordable housing supply and growing demand in this market.
Investing in Boswoods Estates is an excellent opportunity to capitalize on the increasing demand for affordable housing in Somerset County, PA. Don’t miss out on the chance to invest in this high-quality value-add community with multiple upside opportunities.
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