Stonecroft MHP

Stonecroft is located in the heart of Kansas City, Missouri and less than 1-mile from Arrowhead Football Stadium, the home of the Kansas City Chiefs. This 148-space mobile home park includes city utilities, paved roads, picturesque wooded lots, and a mix of single and double-wide homes. Over the past 10 years Stonecroft suffered from lack of quality management that did not screen tenants correctly, refused to repair roads and homes, and let the deferred maintenance accumulate. Stonecroft was an excellent investment opportunity as Wells Fargo Bank was in the process of foreclosure due to the Seller mismanagement. Because of the number of issues at the park and the lack of income, the Fund was able to acquire this park for less than $6,600 per pad.

Our operations plan is to invest about $800,000 to upgrade the park and address the deferred maintenance. We will remove over 40 homes, perform road repairs, complete tree work, rehab five homes, and fill vacant pads with brand new homes. With the completion of the work, the Fund will own an extremely attractive, institutional-grade park, and once the park is stabilized, we feel confident that we will achieve an excellent return with a value of over $45,000 per pad.

  • Date Acquired: 9 Apr, 2019

  • Acquisition Price: $970,000

  • Spaces: 148

  • City/State: Kansas City, MO