Country Oaks MHP
Lovejoy, GA | Bank REO Acquisition | Dec 2012
Country Oaks MHP is an all-ages, affordable community consisting of 34 spaces in the exceptional Atlanta MSA. The community was acquired directly from the bank after negotiating with its real-estate-owned asset manager.
About the Project
Country Oaks ended up on the bank’s REO sheet after foreclosing on the prior owner for neglecting the asset. While the park is in a phenomenal MSA, the aesthetic condition was terrible. It was in such disrepair that the mayor was proactively trying to shut the park down and redevelop the parcel. It had become a drain on the City of Lovejoy’s financial resources and a drain on the police department’s time.
After years of mismanagement Country Oaks was 100% vacant and generated no revenue. Numerous squatters inhabited abandoned homes. Nearly every unit had been vandalized. Broken windows, leaking roofs, and unusable HVAC were commonplace. Located across the street from the chief of police and the mayor’s office, both were adamant about closing the park for good.
What We Did:
Sunrise negotiated a $200k purchase price and began the top-to-bottom renovation. We brought in a qualified onsite manager to establish law and order. We instituted an aggressive marketing campaign to help foster a new reputation. Within twelve months, every home in the community had undergone a complete renovation and the park transformed from 100% vacant to 100% occupied.
Within months of acquisition, the city of Lovejoy saw a decrease in crime and a complete turnaround for the neighborhood. Pleasantly surprised by our ability to make such swift improvements, the mayor wrote us a letter of recommendation. Sunrise subsequently executed a cash-out refinance on the property, returning all investor capital in the process. Investors now have an infinite cash-on-cash return while retaining equity in a $1.3mm asset.
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