mPark Partners acquired the Up-Country Mobile Home Park in Seaford, Delaware from a local owner who was planning to retire. The community is located on the Chapel Branch of the Nanticoke River, a popular destination for boating and fishing. The community was a side venture for the owner and was neglected for several years prior to our acquisition.
At the time of the purchase, the community was less than 50% occupied by paying tenants. Other lots contained abandoned homes in various states of disrepair, many of which are beyond economic repair. The community was littered with large trash including things like heavy equipment, tires, and large culvert pipes, and there were many overgrown trees with dangerous branches. mPark intends to improve the curb appeal of the community by replacing dilapidated homes, removing the rubbish, and cutting back overgrown trees.
The Up-Country Mobile Home Park is licensed 43 lots and is located a few miles west of Seaford in unincorporated Sussex County. Sussex County is fast growing attracting many retirees from New York and New Jersey who are trying to escape the high real estate taxes of their home state.
mPark Partners is a multi-state operator of mobile home parks and operates the mPark Fund, which invests exclusively in mobile home parks. We currently operate mobile home parks in Delaware, Indiana, Kentucky, and Ohio and will consider opportunities in any state.