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
Interested in Partnering with us?
North Peak Development values collaboration with landowners interested in utilizing their properties for commercial real estate ventures. Investors seeking to diversify their portfolios are encouraged to connect with us through the form below. We look forward to exploring opportunities together.
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