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Location: State College, PA
Community: 392 Manufactured Single Family Home Clubhouse Community
Average Sales Price: $168,000
Acquisition Date: July 2006
Exit: Direct Sales to Homeowners
Exit Date: Ongoing

Market Opportunity:
Nittany Glen is located four miles from Penn State for easy access to employment and entertainment. The community is attractive as a vacation home for Penn State Alumni or an affordable option for first time homebuyers.

Investment Approach:
  • Purchased approved lots and installed improvements on a phased basis to mitigate risk.
  • Changing market conditions required McKee to adjust entitlements and market positioning from age restricted, land lease to open market with land purchase to capture the first time homebuyer market.