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Mobile Home Park Details

Purchase Method: Cash, New Loan
Listing ID: 806790
Posted On: Apr 27, 2017
Updated On: Jan 3, 2018

Description

- Rare opportunity to acquire three value-add properties totaling 267 sites less than 10 minutes apart in Hays, KS.
- Although in a smaller town, the subject parks have tremendous potential since the local economy thrives with a growing college and general population, low unemployment rate, and strong demographics.
- Current owners have started a successful home program by bringing in 55 homes at Colonial Gardens MHC, 13 homes at Sunset Valley Estates MHC, and 9 homes at Meadow Acres MHC since they purchased the communities in 2008, 2015 and 2012, respectively.
- As a result of the successful home program, gross monthly collections at Sunset Valley Estates MHC have increased 45 percent
from an average of $8,053 in 2015 to $11,688 so far in 2017.

Location

- Hays is the largest city in northwestern Kansas with a population of about 23k and serves as an economic hub for the region.
- The nearby Hays Regional Airport offers direct flights to and from Denver with United Airlines, making the properties easily accessible from anywhere in the country.
- As of January 2017, the unemployment rate in Hays was exceptionally low at only 2.9 percent versus the national rate of 5.1 percent, both not seasonally adjusted.
- Fort Hays State University acts as a pillar for the local economy through its main campus, 3,252-acre agricultural research facility, and community outreach. The university is the fastest growing of the Kansas Board of Regents universities, consistently beating records for its all-time top enrollment, most recently for the Spring 2017 semester with 12,653 students.

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