A Value-Add, 56 Unit Value-Add Manufactured Housing Community
The Esterson MHC Team presents an exciting opportunity to invest in Stanton Hills, a value-add community located in Westmoreland County, Pennsylvania. With 56 lots, this manufactured housing community offers multiple upside opportunities, including occupancy upside, rent growth and infill.
Situated near Pittsburgh, residents enjoy a peaceful rural atmosphere while being in close proximity to a major metropolitan area. Pennsylvania’s population of over 13 million residents makes it the 5th most populated state in the US, and the Pittsburgh PA MSA, where Stanton Hills is located, has a population of 2,366,544.
Stanton Hills is strategically built to provide its tenants with a best-in-class lifestyle community near major population centers. Stanton Hills has 56 active lots: 21 tenant owned homes (TOH) and 35 vacant lots. All of the 35 vacant lots are home ready. The average lot rental rate per month is $395. With the Pittsburg MSA market average lot rental rate of $516 per month, and average 2 bedroom renting for $1,090 per month, this park can support substantially higher lot rents and home rents based on the limited affordable housing supply and growing demand in this market.
Stanton Hills is serviced by private water (well) and sewer (WWTP), both well and treatment plant are in full compliance with recent capital improvements made. All lots are metered, and tenants are billed back at municipal rates. Trash is curbside cans and is billed directly to tenants. Electricity is billed directly to tenants. All utility systems are in good working order. The roads are newly paved and in above average condition. A small part of the parcel is affected by a flood zone and it is not in an opportunity zone.
The park is priced at $1,500,000. This is a value-add opportunity on a cash flowing asset upon entry. Seller financing may be available to well qualified investors. Conventional recourse and bridge lending should also be available for this community.
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