The NMHC Group of KW Commercial is pleased to present the Clifton Forge Portfolio in Virginia. The communities are located north of Roanoke, VA, off Route 81. This small town has an average 2-bedroom apartment rent of $895. The lack of competing MH communities within close proximity leads us to believe there could be room for rent growth as home stock continues to improve. The two communities are only 4 minutes apart from one another, consisting of 135 total pad sites with 65% economical occupancy. The current operators are willing to remove any homes the next buyer desires off the parcel by settlement. The current operators took on a sizable project four years ago at 76% occupancy and have improved the communities’ resident quality, roads, utilities, rents, and home inventory. Chestnut Village: 93 pad sites / 55 occupied -municipal water – direct billed -municipal sewer – direct billed Wilson Creek 42 pad sites / 32 occupied -municipal water – reimbursed -new wastewater treatment plant This portfolio offers the opportunity to complete a large turn-around on a sizable MH asset that has seen significant improvement in recent years. The current owner is a large operator, and these are geographic outliers within his portfolio. As always, this is a confidential sale. Please do not go to the community without setting up a showing appointment with the listing agents. If on site, do not under any circumstances speak with any tenants or employees. Please contact us for additional information.
