Jersey Mobile Home Park

Acquired for $15M, Jersey MHP was an off-market deal brought to us by an insider that previously connected us into other successful purchases. Jersey is an older park with a great central Tampa, Florida location next to a major highway. The park consists of 226 spaces, 60 park-owned homes (POH), a single-family house, a commercial building and two large commercial billboards. The park’s utilities are provided by the city with electricity being direct billed to the tenants and water being metered by the park and billed based on individuals’ usage.

Even though the city location of this property helps drive occupancy, the mom-and-pop owners did not keep up with the rents. At closing, the rents averaged $400 lower than the surrounding parks, but had a vacancy rate of only 6%. We will take the next 5 years to bring rents to market, will sell the occupied POH to the tenants, and rehab and sell the remaining. The Seller left some deferred maintenance which our team will be starting on, including tree work, fixing roads, and general landscaping and cleanup throughout the park.

Jersey was financed with a LTV of 60% at a 4.5% interest rate, with interest-only payments for two years. With the work we are going to do at the park and bringing the rents to market over the next five years, we should be able to achieve a 30-year IRR of 15% for our investors.

  • Date Acquired: 22 Jul, 2022

  • Acquisition Price: $15,000,000

  • Spaces: 226

  • City/State: Tampa, FL

Investment Package