Eaglewood Estates

Waynesville Estates and Eaglewood Estates are strategically located along Interstate 95 in Lumberton, North Carolina – a city within the Fayetteville MSA. The parks total 342 sites. The assets were acquired through foreclosure auctions, allowing the 2025 Fund to secure a significant discount to replacement cost as well as to enter the market with immediate operational scale. The assets were heavily redeveloped; however, the former owner moved too quickly in bringing in several hundred new homes and was unable to service the loan resulting in the foreclosure. We estimate that we purchased the assets for approximately 50% of the previous owner’s basis.

These assets are a classic value-add opportunity. Included in the sale are 284 park-owned homes, the vast majority of which are newer vintage homes. A total of 137 of the homes are new vacant homes in varying stages of installation. Physical occupancy across both communities is high at 83%, but economic occupancy is currently below 60% creating substantial upside through occupancy and collections. Both communities have city water service with septic sewer systems.

At Waynesville, which includes 242 sites, the Fund plans to stabilize the community by renting or selling the 111 vacant park-owned homes bringing economic occupancy in line with physical occupancy. Rents are currently at $585/month, which remains below market. Eaglewood, with 100 sites, has a similar profile – 47 occupied rentals and 26 vacant park-owned homes that can be activated with light rehab and effective sales/leasing. The average site rent is also $585/month thereby allowing us to stabilize both assets in a similar fashion.

With both located minutes apart, there will be significant operational efficiencies through shared management and centralized maintenance. The court-appointed receiver had already begun stabilizing the assets, and BoaVida is stepping in to continue the work with a seasoned management team and proven home sales infrastructure.

By filling the vacant homes, raising rents to market, and improving collections, the Fund expects to drive strong cash flows and value creation. These assets offer a compelling opportunity to turn underperforming communities into institutional-quality assets over the next 24–36 months.