As of – 5/02/2021
Parkwest MHC is a value-add project that is well-located in the Stillwater OK MSA about 2.5 miles from the Oklahoma State University. The park is located in an opportunity zone.
The community consists of 143 mobile home lots and includes a separate adjacent parcel with an additional 26 (+/-) acres of zoned MHC land that could accommodate another 100+ lots. There are 11 occupied POH, 13 vacant POH, and 2 RTO’s. The current occupancy of the active lots is at 68.5% and there is upside available through rent growth, lease up/sale of 13 currently vacant park owned homes and the infill of 29 vacant lots. The current average lot rent is $332. Parkwest MHC has public water & sewer and is sub-metered and billed back to the tenants.
We are having a call for offers for Parkwest MHC due May 21, 2021. The offering is currently unpriced and we believe this will be a competitive offering with multiple offers from reputable buyers expected. The community has a CMBS loan that must be assumed. The current interest rate is 5.46% with about $2,475,000 left on the loan. The loan has a 30 year amortization with 7 years left on the note. Buyer must assume the loan.
Please reach out to any of us to discuss in greater details. Thank you and we look forward to your offers.
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