Property Description

Sunstone is pleased to offer for sale Ceder Ridge Estates MHC. This 103-space community is currently 37% occupied with 65 spaces available for new homes to be brought in, providing tremendous upside for a new owner. The park is serviced by city water and private sewer with a waste water treatment plant. The waste water treatment plant has recently undergone significant renovation to increase the efficiency and reliability of the plant. In addition to upgrading the WWTP, the current owner also chip-sealed the roads in 2018. The property is located one mile east of the Texas/Louisiana border providing easy access to both Shreveport, LA and Carthage, TX while still providing residents with a peaceful place to live in the Louisiana county side.

The park is being offered at a list price of $1,220,000. We have priced the park using a cap rate on the in-place economics while also applying some value to the unoccupied sites. Currently it costs between $27,500 to $37,500 per space to develop a new manufactured housing community, and while the market is dictating that vacant sites are not trading at replacement value they are not allocating zero value to them either. Currently across the market as a whole, there is a sliding scale of value that buyers will attribute to vacant spaces depending on the MSA they are located in.

There is also a portfolio of homes that must be purchased in conjunction with the community. A summary of the homes will be made available upon request.