Riverside Estates

Riverside Estates is located in Covington, Georgia, a 30-minute drive east of Atlanta. Covington is a booming suburb where Rivian Automotive recently broke ground on their new $5B manufacturing plant scheduled to open in 2024, which will provide over 7,500 jobs.

Riverside is comprised of two separate properties – one is a mobile home park with 136 spaces, and the other property is an RV park with 150 spaces. We already have an Atlanta regional management team in place to manage the park. At the time of purchase, the combined occupancy of the parks is 95%. Both parks are already stabilized, and we expect to take the current rents from $450 to over $650 in the mobile home park by year 5.

We were able to purchase this off-market deal because of our existing relationship with the seller. We have purchased other parks from this seller, and they have enjoyed working with us so much that they decided to give us the first shot at this opportunity. We were able to move quickly and close on this large property in less than 90 days, and before the end of the calendar year.

Just by increasing rents and operating the park over the next five years, we will be able to increase the value of the parks by over $10M and achieve an IRR of 15.0% for our investors.

  • Date Acquired: 5 Dec, 2022

  • Acquisition Price: 16,250,000

  • Spaces: 286

  • City/State: Covington, GA

Investment Package