Parkview

Parkview MHC is a 3 star, 86-site
community (including 2 apartments)
on all public utilities in an infill
location blocks from the Delaware
River and directly adjacent to
a public park. At only 15 miles
southwest of downtown Philadelphia,
it is close to several large employers
including Harrah’s Casino,
manufacturers such as Congoleum,
and distribution centers owned by
Amazon and Sam’s Club.
– Over the course of its ownership, seller has vastly improved
the tenant credit quality by removing non-paying and rule
breaking tenants, tearing down older homes, and investing
over $785k to bring in and repair homes to fill with new,
well-screened residents.
– Since purchasing the asset 4 years ago, seller has also
invested over $800k in capital improvements including
repaving all roads, a new underground electrical system
and LED streetlights, water/sewer main upgrades, gravel
driveways and walkways, and tree trimming and removal.
– The current Owner is raising all tenants to $750 lot rent
in 2024 (tenants have already been notified), which will
add over $50K of additional annual site revenue for a new
Owner. This rent increase is included on our proforma in the
financial analysis section.
– Value-add opportunity to develop approximately 25 new
sites on a 2.15 acre parcel of land that is included with sale.
The parcel currently has a small vacant convenience store
that would need to be demolished. The 25 sites are fully
entitled and approved with the Borough, with all permits
and PUD still active.
– The community also comes with a portfolio of 37 park
owned homes. Of these, 27 are currently occupied through
LTO structures with a total remaining balance of around
$300,000 and an average monthly payment of $236. The
remaining vacant homes are almost all in lease ready shape
and owner expects to fill these quickly.
– Parkview MHC has a recently originated Freddie Mac loan
that must be assumed (see Loan Assumption Detail Chart
for more details).