Investment Overview

Marcus & Millichap is pleased to present Sierra Meadows MHP, a 50-unit manufactured home community located in an opportunity zone in Troy, AL. This value-add community offers significant upside potential, as well as the ability to take advantage of the benefits of an opportunity zone. Troy, AL has a diverse local economy and is known for manufacturing, retail trade, and educational services. Notable institutions with a large presence in Troy include Troy University, Lockheed Martin Corporation, KW Plastics, Wiley Sanders Truck Lines, and South Alabama Electric Cooperative. With a growing population and apartments rents averaging over $1,000, this community is well positioned to take advantage of the need for affordable housing options. Sierra Meadows MHC has 50 units consisting of 11 tenant owned homes and 39 vacant lots. The average lot rental rate per month is $450. One of the tenants is a manager and gets a credit against rent. The state of the vacant lots varies, and it is unknown exactly what is needed to make all 39 vacant lots home ready. It is believed there are septic tanks and other utility infrastructure at all lots, but condition is relatively unknown and improvements are likely necessary. The property is zoned for manufactured housing and significant expansion is most likely possible. The community operates on public water and a 1:1 septic system. Tenants pay the water, with some being billed directly and some billed back. Sewer is maintained by the park and included in rent. Trash is serviced by curbside bins and that is billed directly to tenants. The roads are dirt, privately maintained, and in average condition. We are asking investors to submit offers at $800,000. All offers must include price, inspection timelines, proof of funds, and relevant real estate experience.