We are pleased to announce majority acquisition of the Settler’s Mill Mobile Home Park in University Place, WA. A park with paved roads, and nicely kept lots shows great pride of ownership. Within a MSA of 3.7 million population and median home price of $314,300 and 2 bedroom apartments at $1,045/mon, this park offer excellent value for the residents. We will be sub-metering the park here shortly adding transparency to the operations, and providing a long term solution. Our cap rate at acquisition was 13.27% and within 3 months, we should be at 15.25% cap rate. Negotiations took a long time, but we are quite happy with the results.
