Stadium View (Previously Stonecroft MHP)
Stonecroft Mobile Home Park is located in the heart of Kansas City, Missouri and less than 1-mile from Arrowhead Football Stadium, the home of the Kansas City Chiefs. This 148-space mobile home park includes city utilities, paved roads, picturesque wooded lots, and a mix of single and double-wide homes. Over the past 10 years Stonecroft suffered from lack of quality management that did not screen tenants correctly, refused to repair roads and homes, and let the deferred maintenance accumulate. Stonecroft was an excellent investment opportunity as Wells Fargo Bank was in the process of foreclosure due to the Seller mismanagement. Because of the number of issues at the park and the lack of income, the Fund was able to acquire this park for less than $6,600 per pad.
Our operations plan is to invest about $800,000 to upgrade the park and address the deferred maintenance. We will remove over 40 homes, perform road repairs, complete tree work, rehab five homes, and fill vacant pads with brand new homes. With the completion of the work, the Fund will own an extremely attractive, institutional-grade park, and once the park is stabilized, we feel confident that we will achieve an excellent return with a value of over $45,000 per pad.
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Date Acquired: 9 Apr, 2019
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Acquisition Price: $970,000
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Spaces: 148
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City/State: Kansas City, MO
Profit & Loss Statements
Properties
- Lewiston MHP Portfolio
- Foothills Village Mobile Home Community
- Lamplighter Estates
- Twin Oaks Mobile Home Parks
- Arrow Palms Mobile Home Park
- Las Palmas Mobile Home Park
- La Villa Mobile Home Park
- Carriage Court Manufactured Home Community
- Hacienda Apartments
- Dollhouse Apartments
- Alpine Village Manufactured Home Community
- El Dorado Mobile Village
- Westshore Estates Manufactured Home Community
- Silver State Mobile Home Park
- Gansett Manufactured Home Community
- Karcher Mobile Home Park
- Gardena Mobile Home Park
- Thunderbird Village Manufactured Home Community
- Knoll Terrace Manufactured Home Community
- Bon Air Manufactured Home Community
- Redwood & Thunderbird Mobile Home Parks
- Beaver Run Manufactured Home Community
- Riverlawn Manufactured Home Community
- Wilson Landing Manufactured Home Community
- Elsinore Hills RV Park
- Woodland Park Mobile Home Community
- Fairmont Mobile Home Parks
- Blue Ridge Manufactured Home Community
- Emerald Forest Cabins & RV & Trinidad Extended Stay
- Blue Haven Mobile Estates
- Stadium View (Previously Stonecroft MHP)
- Golden Arrow Mobile Home Park
- Holiday Estates Manufactured Home Community
- Desert Mobile Home Park
- Flying A Mobile Home Park
- Park West Mobile Home Park
- Green Acres Mobile Home Park