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 / Push Property REI 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.

Additional Mobile Home Projects

White River Estates

Mobile Home Community

Muncie, Indiana

White River Estates Mobile Home Community is a 200 space value-add park located in Muncie, Indiana. This project is a medium-large scale project and represents a great opportunity for our investors.

 

Fairview Village

Mobile Home Community

Osgood, Indiana

Fairview Village is a mobile home community located in Center Township and the Town of Osgood, Indiana. The community contains 47 operational spaces and sits on 13.1 acres of land. The community is zoned for 66 spaces by the State of Indiana and our goal is to develop the existing land to maximize the community zoning.

Lake Arthur Estates

Mobile Home Community

Remington, Indiana

Lake Arthur Estates is the sole mobile home community in Remington, Indiana and is one of only six communities in Jasper County. Lake Arthur has 46 operational spaces.

Let's Build Something

info@northpeakdev.com

525 3rd Street
Suite #200
Lake Oswego, OR 97034
503-454-6510

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