North Carolina MHP
North Carolina MHP is a 111 unit community located in North Carolina. This property is a classic value add asset with below market rents, poor rule enforcement and lack of overall investment back into the community.
In its current condition, the asset has several opportunities to increase tenant's living conditions, as well as the profitability and asset value. The current value add plan includes but is not limited to; Repairing much needed septic and drainage issues, installing new signage, enforcing cleanliness and rules, painting and upgrading park owned units, selling park owned units to minimize maintenance expenses, removing unsalvageable units, remodeling salvageable units, installing a playground and BBQ, and installing a dog park for community enjoyment.
As we manage this asset, we will continue to execute on this business plan to improve tenant's living
conditions, increase probability and maximize returns to our investors. In the near term, we expect to increase net income and overall asset value by approximately 1.5X.