Ridgebrook Hills MHP
Fort Wayne, IN | Off-Market Acquisition | December 2023
Overview
The Ridgebrook Hills mobile home community in Fort Wayne, Indiana, stands out as a prime investment for several compelling reasons. Upon acquisition, Sunrise Capital Investors (SCI) created an impressive $5.4 million in instant equity, translating to an immediate 20% return on equity for investors. This significant financial uplift showcases SCI’s ability to identify and capitalize on undervalued assets, ensuring immediate value creation.
About the Project
Ridgebrook Hills MHP, acquired in December 2023, is a landmark project in Fort Wayne, Indiana. Managed by Sunrise Capital Investors, this 738-space mobile home community represents a strategic investment designed to revitalize and enhance its value. The project focuses on leveraging the property’s high occupancy and desirable location to establish a premier affordable housing option in the region.
The Challenge
The primary challenge for Ridgebrook Hills MHP lies in executing a seamless upgrade of the property while maintaining affordability for residents. The project must balance modernization efforts with the community’s existing character, ensuring that enhancements align with the needs and expectations of current and future residents.
The Plan:
The plan for Ridgebrook Hills MHP involves targeted improvements and community development initiatives. Key actions include upgrading infrastructure, introducing new amenities, and fostering a strong community spirit. The strategy also encompasses aligning the community with Fort Wayne’s economic growth, providing residents with improved services and opportunities while maintaining high occupancy rates.
The Outlook
Positioned in Indiana’s second-largest city, Ridgebrook Hills is an institutional-grade property that benefits from being in a highly desirable and expanding housing market. As the largest community in the area with 738 spaces, it meets a substantial demand for affordable housing, evidenced by the near 90% occupancy rates in the region (what’s more, the park itself boasts ~95% occupancy). The economic dynamism of Fort Wayne, fueled by diverse industries and significant corporate investments, further bolsters the investment’s appeal. The combination of strategic location, high current occupancy, and potential for rent and amenity enhancements, along with the substantial instant equity generated by SCI, makes Ridgebrook Hills a particularly attractive opportunity for robust and sustained investor returns for years to come.