1) Grand Oaks Rental Home Community is a rare opportunity for an investor to purchase a 100% occupied, 188 unit, 189 Lots, 2002 constructed, manufactured home rental community on over 42 acres, in one of the fastest growing counties in the US (Montgomery County). All interior roads within the community are maintained by Montgomery County. There is upside potential with organic rent growth and possibly with upgrades to the interiors. The sale consists of 42.94 acres of land and 189 manufactured homes (one is used for the office). The amenities are owned by the HOA and shared with the Glen Oaks Subdivision across from the property. The HOA (with HOA dues per lot of $300) takes care of the maintenance for all of the shared amenities which include; Pool, Gazebo, Community Center, Fitness Center, 4 acre Park, Dog Park, Playground, Walking Trail, Volleyball Court, Basketball Court and a Baseball Diamond. The property is being offered "All Cash" or on Assumption of the Existing Loan. See the financial section in the offering memorandum for the details of the existing Loan.
2) Accessibility - The community is located in the city of Magnolia, Tx. and has ingress and egress off Nichols Sawmill Rd which connects to Hwy 1774 in Magnolia approximately 1 1/2 miles north of the property. Hwy 1774 becomes Hwy 249 (approximately 5 miles southeast of the community) which connects to Hwy 99 in Tomball (approximately 10 miles south of the property) and Hwy 249 also connects to Beltway 8 (approximately 21 miles southeast). In addition, Hwy 1488 is 1.5 miles northwest of the property and runs east to IH-45, Houston's major north / south transportation artery, and west to Hwy 290 (13 miles southwest of the community) Houston's major northwest transportation artery.
3) Strong Rent Growth - New multifamily supply has dramatically expanded in the Montgomery county market, and fundamentals were recently volatile as a result. However, thanks to strong absorption activity, the current vacancy rate of 5.8% is back near historic lows and is significantly outperforming the Houston metro average. Rent growth in the Montgomery county market continues to eclipse nearly every Houston submarket on a trailing 12-month basis 19Q3, with 3.8% growth. Impressive net absorption in 2019, coupled with the supply pipeline for new developments slowing down, has paved the way for significant vacancy compression this year. CoStar forecasts that the vacancy rate will stay below 8% through 2023.