Contact Information

Todd Fletcher

ARA MHC Group

Mobile Home Park Details

  • Price: Call for Price
  • Property ID: 1142370
  • Posted On: Oct 7, 2019
  • Updated On: Oct 7, 2019

Property Description

Riverview at Sparta:

• Riverview at Sparta MHC is a 157-site, all age community located just outside of Sparta, a small town with a population of just over 4,300. Due to the growth of the Grand Rapids metro area, the town has developed a more suburban feel with nearby subdivisions being built in large numbers over the last decade. Average home values within a ten-mile radius of the community are $209,500 and expected to rise to over $249,700 by 2023.
• The property offers easy access to State Highway 37 which leads to Grand Rapids 17 miles to the south. The community features paved roads, off-street parking, RV/boat storage, on-site manager’s office and a grassy play area with a hiking path along the riverbank.
• The offering includes 52 park owned homes, all currently occupied as lease to own homes averaging $410 for the home rent portion. Most are nice homes built in 2014 or newer. Current Owner has had no problems finding qualified tenants once they have a home available.
• A brand new WWTP is currently being added to the community and should be completed by closing at a total approximate cost of $2.1 mil. This should allow the community to decommission the leach fields and expand the site count by another 20 to 25 lots. It is owner’s understanding that to expand all that is needed is to prove the new WWTP has capacity to handle additional lots, which is should, and then file for a license with the State showing the additional pads drawn out.

Gun Lake:
• Gun Lake MHC is an 89-site, all age community on public utilities located just 30-minutes south of Grand Rapids next to beautiful Gun Lake, which is a sand bottom, all sports lake covering 2,680 acres and offering 24.4 miles of shoreline.
• Located just minutes away from US 131 and state highways 179/43, the community offers the peacefulness of rural living with easy access to other larger markets including Kalamazoo and Grand Rapids.
• The community features paved roads, shaded trees, off-street parking, on-site management, and onsite laundry facility. The park is licensed for 92 sites. In addition, there are boat docks and storage units available for lease.
• The offering includes 58 park-owned homes (56 are 2015 or newer), of which 48 are currently occupied either on a lease-to-own agreement or as a pure rental. With a strong economic occupancy of 83% and only 10 vacant park-owned homes, there clearly is strong demand for affordable housing in the area. Four brand new homes were just brought into the community and the Owner expects these to be sold/rented very soon.
• The Barry/Kalamazoo market has been one of the most resilient MHC areas in Michigan. According to the JLT Report, all age communities have seen average occupancy go from a floor of 70% in 2012 up to 80% in 2017 and rents have increased from $325 to $363 for that same period, which is a 12% increase or an average of over 2% per year. Going back as far as 1999, rents have increased every year averaging 2.2%.

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Park Information

Community Type: All Age
Number of MH Lots: 246
Size: 79.6 acre(s)

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