Southern Tennessee MHC Portfolio
2-Park Tennessee Portfolio with 53 Units | Recent Upgrades | Multiple Upsides
Marketing description
Colliers Manufactured Housing & RV Group, serving as the exclusive agent for the Owner, is pleased to offer the opportunity to acquire the Southern Tennessee MHC Portfolio, a 53-unit, well-located affordable housing opportunity consisting of two properties in south-central Tennessee less than 2 hours from Nashville and Chattanooga and less than an hour from Huntsville, AL
The portfolio consists of two all-age mobile home communities, Pulaski Grove and The Landing at Fayetteville, each offering a value-add investment opportunity with spacious lots, newly rehabbed homes and on-site management providing immediate upside through leasing, increasing rates, and expanding new home pads.
The asking price for the portfolio is $3,500,000 ($66,038/site). This represents a 9.1% Year 1 Cap Rate.
Investment highlights
KEY INVESTMENT HIGHLIGHTS:
Centrally located just ±20 miles from Interstate 65, the properties offer convenient access to major metros including Huntsville (±37 miles), Nashville (±80 miles), , Birmingham (±125 miles), Atlanta (±227 miles), and Louisville (±250 miles).
- Recent Renovations Completed by Seller:
- Pulaski Grove: rehabbed 90%+ of existing homes, replaced central HVAC in units, and ran new septic lines.
- Landing at Fayetteville: rehabbed 90%+ of existing homes, replaced central HVAC in units, paved roads, and replaced older homes.
- 53 Total Units including: 49 Park-Owned Homes (2 Vacant) & 4 Tenant-Owned Homes (1 Vacant)
- Operators can transition park-owned homes to tenant ownership. This would reduce operating expenses and CAPEX reserves while reducing the basis in the property and building a stronger tenant base.
- Curb appeal enhancements include home renovation, improved landscaping, and signage, which will elevate the community’s overall presentation and attract higher-quality tenants.
- At 94% occupancy there is an opportunity to lease the remaining vacant units.
- Opportunity to increase rates beyond current rent roll average to market rent.
- The portfolio offers the potential to develop additional home pads to expand unit count and create immediate revenue growth.
- Adding community amenities such as picnic areas or playgrounds can increase resident satisfaction and cement long-term occupancy stability.
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