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The park was purchased with good existing cash flow and significant upside from the 9 vacant mobile home sites. We are in the process of renovating the park. It has 24 sites, its own water plant, and mature vegetation. The park is located a few miles from the new 1,000,000 sq. ft. Facebook Data Center, it's located halfway between Charlotte and Asheville in Forest City, NC. NewLeafe owns 95% of the equity in the property.
The local housing office reports that they receive three applications for each affordable housing unit. In the Carolinas, mobile homes are considered the mainstay of the affordable housing industry. Tenants are hardworking blue-collar individuals and retirees.
The local housing assistance program pays $425 per month in assistance for a two bedroom home and $450 for a three bedroom home.
The Glen at Forest City Mobile Home Park
Forest City, North Carolina