Greencastle Acres

BWE Investment Sales, LLC (BWE) is pleased to offer the exclusive opportunity to acquire Greencastle Acres. Greencastle Acres is a 108-unit mobile home community located in Greencastle, Indiana, about 50 miles west of the Indianapolis metropolitan area. Just 2 minutes down the road from the community is DePauw University, one of the best liberal arts colleges in the Midwest. The current average lot rent is $453. Greencastle Acres provides an expansion opportunity, with 47 expansion lots that are permitted, approved, and shovel ready. The community is serviced by public water/sewer and curbside trash – with approximately 21 units in the community being direct billed for water & sewer and the remaining 87 units of the community being billed back. Trash is also billed back to the tenants.

Greencastle Acres is situated about 50 minutes from the state capital of Indianapolis, providing residents with convenient access to various entertainment options, higher education institutions, and job opportunities with major employers. Top employers in the area include the Indianapolis National Airport, Indiana University, and the Eli Lilly & Company. Indiana University is ranked the No. 2 Top University in Indiana by niche.com, known for excellent academics, a strong athletic program, and diversity. We are offering Greencastle Acres at $7,000,000 – which is inclusive of the real estate, home notes, and park owned homes. We anticipate a year-one cap rate of 6.96% and an IRR exceeding 19% over a 5-year hold.