Gorge mhp & RV
Gorge mobile & RV Park is a 51 unit community located in Washington. This property is a classic value add asset with below market rents, poor rule enforcement and lack of investment back into the community. On top of this, it's acquisition was carefully negotiated, allowing for an attractive debt structure and acquisition price.
In it's current condition, the asset several opportunities to increase profitability and thus increase the overall value of the property. These include installing new signage, enforcing cleanliness and safety rules, painting and upgrading park owned units, selling park owned units to minimize maintenance expenses, passing utilities onto tenants, increasing rent to market rates, paving roads, adding new pads etc.
As we manage this asset, we will continue to implement these changes 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 approx 2X.