Southampton Meadows

BoaVida enters its 31st state – Virginia – with Southampton Meadows, totaling 233 spaces. Located 40 miles west of Norfolk, VA in Franklin, the park was purchased as an off-market deal directly from the sellers. We were able to secure the property at only $23,605/space, which is well below the average price per pad in that market.
The park includes paved roads, two wells, a convenience store, large flat lots that accommodate double- wides, direct-billed electric, and trash services provided by the city. The park’s occupancy is at 95% and rents are extremely low as the seller has raised rents by only $20 in the past 10 years.
We plan on beautifying the park by upgrading signs, landscaping, performing tree work and bringing in new homes/RVs to fill the remaining 12 vacant pads. By performing the described work and increasing rents to market over the next 5 years, we expect to be able to increase the value of the park from $5.5 million to $11,235,574 and achieve an IRR of 17.8% for our investors.