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The Glen at Union is a low density (2.3 homes per acre), esthetically pleasing, wooded, park at the end of a nice residential neighborhood. The park sits on 4.5 acres and is located in Union, South Carolina. The park is less than 30 minutes to Spartanburg and Gaffney, 1.5 miles from Union High School, 3 miles to the elementary school and 4 miles to the Super Walmart.
The Park was purchased a few years ago by a local church pastor who used funds from one of his parishioners. The charitable pastor proceeded to fill the park with needy people from his church who couldn't pay the rent. The investor, not familiar with mobile home parks took over and evicted everyone. It had been vacant for a couple of years. NewLeafe purchased it in a distress sale.
NewLeafe purchased the 17 property site, including 11 mobile homes for only $77,000. We are in the process of renovating the homes and renting them. To date, we have three homes completed and rented. This park has huge upside.
NewLeafe sponsored the project, manages it, and holds 10% of the equity.
The Glen at Union Mobile Home Park
Union, South Carolina