Lang
11/2/19
A Utah-based company that recently bought three local mobile home parks and raised the rent has now acquired another and plans to do the same thing.
According to The Cedar Rapids Gazette, Johnson County property records show Havenpark Capital bought the Western Hills Estates manufactured housing community last month for $7.5 million. Havenpark issued a statement Friday saying it planned to raise rent at the park by $40 per month, or an 11% increase, as of January 1st, 2020. The company says the increase is to keep in line with increases at other local mobile home parks.
Earlier this year Havenpark purchased the Golfview Estates, Sunrise Village and West Branch mobile home parks, also raising the rent at those locations.
Western Hills encompasses 72.1 acres and includes 286 lots. Havenpark says it plans $500,000 in improvements, including a new playground, landscaping, a picnic pavilion, a remodeled clubhouse, road repairs and tree trimming.