503-454-6510 info@northpeakdev.com

Water Tower

Mobile Home Community
Morristown, Indiana

Water Tower Mobile Home Community (MHC) provides a value add investment opportunity for North Peak Development Group (NPDG) and partners. The existing community is well laid out and was kept fairly clean but several inefficiencies limited the maximum potential of the community prior to our acquisition. This is a great opportunity.

Project Info

Space occupancy in the community was low at the time of acquisition due to 17-spots sitting
vacant. Vacant lots are currently being infilled with used & new homes. General cleanup and
road repairs will complete the visual upgrades to the community to ensure residents are seeing
value in the new ownership. NPDG will be able to add over a half-million dollars of equity to the
investment within the 24-36 month timeline.


Estimated Project Cost: $525,000
Estimated Value at Stabilized 7.5% Cap Rate: $1,050,667

Project Name: Water Tower Mobile Home Community

Location: Morristown, Indiana

Asset Type: Mobile Home Community

Status: Owned by NPD

Acquisition Date:  09/2020

Licensed Spaces:  44

Equity Partner:  Funded

Project Stabilization: 24-36 Months

Property Management: Vertical / NP Property Management LLC


Invest With Us

Interested in investing? North Peak Development offers a variety investment options at different phases of each project. Click on the button below to be taken to our investment portal, or read below to understand how each phase works.

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