Arx Fund I Acquires Three Pennsylvania Communities
Arx Fund I, L.P. announced it has completed the purchase of Aston Glen, Hawk Hills, and Gap View mobile home parks. The three communities together contain 96 homesites. While Gap View is mostly occupied, the other two have substantial vacancy, which is one of the characteristics that attracted Arx to the portfolio.
Levi Jekel, Chief Financial Officer for Arx Capital, commented, “We are excited about the growth and improvements we can make to these properties. With the low vacancy rate we have the ability to put new homes into the communities, upgrading the value of each and offering the potential residents obtainable quality housing.”
Asten Glen is located in the charming town of Lehighton, Pennsylvania. This quaint community has 23 homesites and is approximately 48% occupied. Hawk Hills is located in Freeland, Pennsylvania. This community has 37 homesites and is approximately 25% occupied. Gap View is located in the picturesque town of Walnutport, Pennsylvania. This community has 35 homesites and is approximately 83% occupied.
Arx Fund I, L.P. acquires, improves and manages manufactured home communities. Organized in 2020, the Fund currently owns 13 manufactured home communities in New Jersey, Pennsylvania, and Maryland.
The sponsor of the Fund is Arx Capital, LLC. Arx Capital is a real estate investment sponsor specializing in value-add and opportunistic investments in the Northeastern and Mid-Atlantic United States. Arx’s principals have more than 20 years’ experience investing in, permitting, developing, and selling real estate. Organized in 2016, Arx Capital manages real estate assets valued at nearly $100 million.