Northeast Carolina MHP
Northeast Carolina MHP consists of a total of 52 units located in North Carolina. NC is currently one of the fastest growing states in the country. Furthermore, the demand for affordable housing remains a challenge for many cities in the state.
By acquiring this asset off market, we were able to negotiate very favorable terms during acquisition. This allowed us to maximize cash flow from day one. As we reposition this park, we plan to add value through skirting homes, removing debris from the park, replacing signage and giving the onsite manager more ability to lead and change the community. Great upside remains in bringing rents to market rate as well as infill of new homes.
After execution of our value add plan, we expect a significant increase to cash flow as well as a 50% increase in asset value. This asset is currently under professional management directed by our team of asset managers.