Mobile Home Park Details
- Listing ID: 783316
- Posted On: Feb 7, 2017
- Updated On: Jun 5, 2017
Description
- Extremely rare opportunity to acquire a sizable portfolio in South Atlanta. There are currently no other offerings of this size on the market in the area.
- With three properties spanning nearly 1,000 sites, all located within 30 minutes of each other, an owner benefits from economies of scale.
- Owner currently runs a rent-to-own program where tenants put $500 to $1,500 down and estimates that 60% of rent-to-own contracts result in home ownership for the tenant.
- Very few vacant homes, which indicates healthy demand for this product type in the area.
- Physical occupancy of 94%.
- All of the communities are set up on public utilities.
- Two of the properties will be delivered free and clear, and one property has a loan that will have to be assumed.
Location
Atlanta is a $284 billion economy and is larger than that of Seattle, Miami, Hong Kong, and Singapore in terms of Gross Metropolitan Product (GMP), according to IHS Global Insight. The Atlanta MSA, which accounts for two thirds of the state' s population, is the economic and cultural hub of the southeast with the world' s busiest airport, 16 Fortune 500 company headquarters, and a population of over six million.
- Atlanta ranks #2 in job growth among the twelve largest MSAs in the nation, outpacing San Francisco, Washington and Miami.
- South Atlanta is experiencing tremendous industrial growth which should benefit these properties. There has been a 36% increase in industrial buildings over 250k SF since 2014.
- Rapid growth in the Atlanta MSA is quickly eroding affordability in the residential housing market, which should continue to drive demand for affordable alternatives like manufactured housing.
- Apartment rents in the Atlanta MSA increased 2.2% from 2Q16 to 3Q16 resulting in an annual growth rate of 5.4%, far above the national average of 2.9%.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 987 |
| Size: | 202 acre(s) |
