Fox Run Mobile Home Park

We are excited to announce the acquisition of Fox Run Mobile Home Park, a 40-space, 100% occupied asset for $2,600,000 located in the thriving Lewiston, ME housing market. Purchased from a husband-and-wife team who meticulously maintained the park for over 30 years, Fox Run represents a high-quality, stabilized investment with immediate operational upside and long-term growth potential. This acquisition complements our existing Lewiston Portfolio, including Country Lane Estates and Stetson Brook Estates, allowing us to leverage regional efficiencies while enhancing our footprint in this market.

Fox Run is an all tenant-owned home community, constructed between 1989 and 1991, featuring newly repaved roads (fall 2023), city utilities, and almost no deferred maintenance. The park’s senior-heavy tenant base contributes to its stability, with minimal turnover and no delinquency issues at closing. Alongside the park, the acquisition includes a vacant commercial lot, previously a mobile home sales site, which offers future revenue opportunities such as storage development or a parcel we can sell off.

Our business plan is straightforward: maintain full occupancy and implement modest rent increases aligned with market trends. Current rents stand at $500/month, and we plan a further increase rent by $50 in July 2025. New rents of $550 are still well below market rents of $750 in the area, and we plan to continue to push rents gradually until we reach market rents in Lewiston.

We’ve reserved $40,000 for minor capex, including painting the commercial lot building and addressing signage, though the park itself requires no immediate investment.

The acquisition was closed with all cash and will be financed by StanCorp within 90 days of close at a 6.375% interest rate. Our expertise in this market positions us to drive value through strategic increases, projecting a value increase of $1,214,192 by year 5.