Echo Hills Estates

Echo Hills Estates is an exceptionally clean park, silhouetted by beautiful mountains in a quiet corner of Hemet, California. Community amenities include a remodeled clubhouse and pool. The 101-space park was owned by the same family for several decades and has been well maintained. We were able to acquire the asset in an unusual (but profitable) off-market transaction at an attractive price of $57,000 per space. For comparison, we recently refinanced a similar quality park in Hemet which appraised for over $110,000 per space.

The entire electrical and gas infrastructure was replaced 2016, and the roads were replaced shortly thereafter. With very little deferred maintenance, the primary value driver for this asset will be filling vacant pads and bringing rents to market, which is approximately $300 below the market average. The park has 25 vacant pads in a market that should not have any vacancy in an asset of this quality. Bringing the park to full occupancy at market rates, while increasing in space rents, will generate significant revenue growth during the stabilization period. We are projecting the ability to increase net operating income by 188% over the first five years of the hold period.

Map Address:
1700 S State St., Hemet, CA 92543

  • Date Acquired: 22 Sep, 2022

  • Acquisition Price: $5,750,000

  • Spaces: 101

  • City/State: Hemet, CA

Investment Package