Contact Information

Todd Fletcher


Mobile Home Park Details

  • Price: $14,730,000
  • Property ID: 1142370
  • Posted On: Oct 7, 2019
  • Updated On: Apr 13, 2020

Property Description

Price Breakdown:
- Gun Lake - $5,970,000 ($4,170,000 Real Estate + $1,800,000 Homes)
- Riverview - $8,760,000 ($7,000,000 Real Estates + $1,760,000 Homes)

• Opportunity to acquire 246 sites (89 at Gun Lake MHC and 157 at Riverview at Sparta MHC) that should qualify for very attractive fixed rate, nonrecourse debt. Of the 110 park owned homes between the two communities, 103 are 2015 or newer models.
• The properties both sit roughly 30 minutes outside of Grand Rapids and are just over an hour apart, allowing a new owner to benefit from management efficiencies and economies of scale.
• Properties may be purchased together or individually.
• Riverview at Sparta MHC just completed a brand new $2.1 million wastewater treatment plant. With the additional capacity and leach fields decommissioned, the park should be able to expand by approximately 16 lots (see preliminary drawings in property package).
• There is attractive upside in filling the remaining vacant sites and developing additional sites. Current owner has proven out the demand for attractive
newer affordable housing in these areas, and a new owner can capitalize on converting the current LTO renters to owners.

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Park Information

Community Type: All Age
Number of MH Lots: 246
Size: 80 acre(s)

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