LaGrange Estates

We purchased LaGrange Estate MHP in 2011 for $5.1 million. The park had several abandoned homes and the previous owner had continually raised rents well past market rates. We immediately lowered the lot rents by $50/month and began to rehab the abandoned homes in addition to adding 10 new homes in the park. Within 2 years, we had increased the occupancy from 65% to 93%.

We sold the park in early 2014 and investors realized a total return of more than 100% of invested capital.