Late last year, we acquired a 170-unit manufactured housing community in the Huntsville MSA of Northern Alabama. The community is located in a thriving market but it was in need of some major upgrades. Immediately post-closing, the Sponsors moved on-site for several weeks to personally oversee the capital expenditure plan and business plan.
The following progress photos were taken 45-days apart post-closing:
We are thrilled to announce that the community has undergone a significant amount of change in a short amount of time, and the only outstanding large capital expenditure items are:
- The addition of a soccer field to replace the dilapidated pool
- New home delivery and set up
- Full security camera system throughout the community
One of the most interesting aspects to this transaction was the addition of storage units. The community had a small area towards the back of the property that had been neglected over the years and was solely being used as an outdoor storage area for junk, demolished trailers, and a few non-operational vehicles.
We cleared the entire area, gated it, and installed several self-storage units for the convenience of our residents.
Stay tuned as we continue to share our progress at this community!