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Milam Bridge Mobile Home Park

Posted: 5/31/2022
41 Units
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About Milam Bridge Mobile Home Park

Cushman & Wakefield’s Manufactured Housing Group is pleased to present the exclusive listing of Milam Bridge a manufactured housing community in Euharlee, GA 40 miles northwest of Downtown Atlanta. The Park consists of 35 Park-Owned homes, 4 RV Pads, and 1 Single-Family Home. Milam Bridge is a professionally managed and stabilized asset with historically minimal turnover. The Park offers investors the compelling opportunity to acquire a value-add community with demonstrated rent increases. Current ownership has completed several recent renovations capturing for strategic rent increases and proven-value add premiums.

Nearly all of the homes in Milam Bridge are park-owned and occupied by long-term residents demonstrating keen desire to own their units. Future ownership is afforded a rare opportunity to gradually roll over to tenant-owned-homes through a Rent-to- Own program. This conversion will significantly reduce maintenance and operating costs, while allowing for long-term lot rent leases with consistent escalations.

Located less than 50 miles from Downtown Atlanta, the exurb of Bartow County has experienced a 23% year-over-year increase in median home prices since last April eliminating crucial affordable housing options in the MSA. Upward pressure on both conventional apartment rents and home prices, bodes well for future rent increases and rent-to-own initiatives at Milam Bridge.

Atlanta, GA MSA has grown 10.9%% since the end of 2019 and now has over 6,000,000 people. The state’s population has grown 7.8% from the end of 2019 and now has almost 11 million residents (8th most populated state). Milam Bridge MHP is being offered as a value-add investment with an entry cap rate of 4.9%, and the immediate opportunity to both reduce operating expenses and raise rents/transition to resident owned homes.