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The Glen at Stateline Mobile Home Park
The Glen at Stateline is an esthetically pleasing, wooded, park on the Pennsylvania/Ohio state line. The park sits on 11.5 acres, has 89 mobile home sites, and is located in the oil-rich region between Pittsburgh and Youngstown. The park is 15 minutes from the Pittsburgh Airport. It has mature hardwood trees, paved roads, a sewer treatment plant, two water treatment facilities, a large garage, five normal sized garages, a currently rented apartment over the garages, an office building, laundry facilities and beautiful grounds.
The area is undergoing a resurgence due to the shale oil deposits - sometimes described as more extensive than the North Dakota formation. It is difficult and expensive to get a hotel room due to the influx of oil workers. the county it adjoins, Beaver County, PA, was the subject of a Wall Street Journal front page article describing the comeback of this part of the rustbelt.
Upside opportunities abound for this park. It is producing an excellent cash flow as is, but was purchased with 40% of the park vacant. We are currently in the process of filling the vacant spaces. NewLeafe sponsored the project, manages it, and retains 10% of the equity.