On December 21, 2018, mPark Partners acquired the Regency Mobile Home Park in Pendleton, Madison County, Indiana. The community was acquired from an out-of-state operator who was selling all of its investments in Indiana to focus on other business ventures.
The Regency Mobile Home Park has 51 lots licensed by the Indiana Department of Health, and at the time of acquisition 44 of them were occupied. Additionally, several units were past due on rent and some of the vacant units were in a state of disrepair. Immediately upon acquisition, we will be implementing a more aggressive rent collection process to bring past due tenants current and we will begin renovating vacant home so they can be put into service with new tenants. We expect to have the property to full occupancy by 2020.
mPark Partners is a multi-state operator of mobile home parks and operates the mPark Fund, which invests exclusively in mobile home parks.