North Meadows Mobile Home Community
Offering Affordable Home Ownership
In 2003 Cory (North Meadows owner) bought his first 5 lot mobile home park. Throughout the years since, he has focused on buying distressed parks, fixing them up, filling them with good tenants and then selling them to buy larger parks.
North Meadows Mobile Home Community is a thriving, well-maintained mobile home community that’s locally owned and operated in Randolph County where families and retirees alike are afforded a comfortable and safe environment to call home. Sprawling an impressive 50 acres, this community offers plenty of green space and amenities to its residents, including a swimming pool and multiple athletic courts. North Meadows seeks to bring the suburban feel to affordable housing, and has positioned itself to be one of the premier locations in Randolph and surrounding counties for affordable living. In addition, it offers a dedicated, full-time management staff that is committed to preserving the community’s well-kept appearance and providing excellent service to its residents.
North Meadows was established in 1998 and sold to a Canadian investment firm that owned approximately 5000 mobile home lots in the New England, Texas, and Southwest Canada regions. North Meadows was the only property that the Canadian group owned in the Southeast USA. The Canadians had property management offices in each of their respective regions except for North Meadows in Randolph County. At the time, North Meadows had little growth and was only at 40% occupancy and due to logistics and capital, the Canadian owners quickly realized the struggles of growing a community while being an absentee landlord. In 2011, after 3 years of negotiations and still in the midst of a recession, the Canadian group sold North Meadows to lifelong Randolph county residents, Cory Vuncannon and Ben Frazier.
Cory Vuncannon was born and raised in the city of Asheboro. From the time that Cory was in Kindergarten, he knew he either wanted to be a veterinarian and work with animals, or own his own business like his Dad. He attended Asheboro High School where he ran cross country and wrestled. He also excelled at being a C student. Because of this, he quickly ruled out being a veterinarian (since it required much better grades and many more years of schooling). Upon graduating high school in 1991 and still not being sure he was ready for college, he decided to join the Army for a three-year enlistment. After the army, he attended UNCG where he earned a Bachelor of Science in Business. Following college, Cory worked for a time in the management trainee program at Klaussner Furniture as a 3rd shift warehouse supervisor and although he didn’t have any direct contact, that was where Cory first met Ben Frazier, who was the Chief Operating Officer.
After Klaussner Furniture, Cory went to work for Maxton McDowell CPA as a staff accountant at his accounting firm in Asheboro. While working at Maxton’s, Cory participated in performing company audits, and preparing personal and corporate tax returns. He saw many financial statements of various companies and got a better understanding of the ins and outs of different businesses. From working with Maxton, Cory gained valuable experience reading the numbers and not only looking at a company’s books, but also keeping score of his own personal financial statement to make sure he himself was always going in the right direction.
After 3 years working with Maxton, he accepted an auditing position with a corporate firm whose clients consisted of many Fortune 500 companies. During this time, he saw that every year the company would do a lot of hiring when they received a huge contract and after they lost a contract, they would go through massive layoffs. This seemed to be a yearly cycle, and through this process, he realized that for many, there was no stability for an employee in the corporate world. This realization inspired him to become his own boss where his success or failure was only dependent on him. The next step was finding the right business to go into.
The Idea for North Meadows is Developed
In 2003, Cory went on a date with the daughter of Sophia resident, Gary Richardson. Upon meeting Cory, Gary asked him a very personal question, “What do you do, and how much money do you make?” Cory told him his job and modest salary, but then he quickly responded back, “Well what do you do and how much money do you make?” That’s when Gary told him he owned mobile home parks and showed him his rent collections and expenses that he kept up with in a spiral notebook. Cory saw Gary’s impressive cash flow and a light bulb went off in his head, and that’s when Cory knew he was going into the mobile home park business. Five months later, Cory bought his first 5 lot mobile home park. Throughout the years since, he has focused on buying distressed parks, fixing them up, filling them with good tenants and then selling them to buy larger parks. Five lots turned into ten, and eventually after several flips, Cory owned 80 lots. By 2008, he was eyeing the 208 lot North Meadows and other investment properties.
We wanted to have the best community around for families to live in and still keep it affordable. I think we have fulfilled that objective.
Ben Frazier grew up in Randolph County. He graduated high school at 16 and began sweeping floors and loading trucks for Stuart Furniture while attending Campbell University. After graduating college and pulling a stint in the National Guard, Ben stayed on and worked professionally at what became Klaussner Furniture. Ben learned every aspect of the manufacturing process of upholstered furniture and eventually worked his way up to serve as Executive Vice President and COO before retiring in 2000. In retirement, Ben has enjoyed playing golf, traveling, and even writing books. He has also enjoyed doing local real estate and business ventures when opportunities arise.
North Meadows’ Beginning
In 2008, an industrial building came on the market due to bankruptcy. At over 200,000 sq. ft., it was one of the largest investments of Cory’s career. He was able to get it under contract for only $300,000, but when it came to financing, every bank looked at his financial picture and was not willing to take a chance on him within the current climate. Cory approached Ben with the opportunity to buy the building together and help finance it. They entered into an agreement, purchased the building and within four months, they flipped it for a $200,000 profit. That was the start of a great friendship and business partnership. Since then, Cory and Ben have done several deals together and in 2011 they purchased North Meadows Mobile Home Community.
Occupancy Doubles at North Meadows Under New Owners
Since their purchase, North Meadows occupancy has gone from 40% to 80%. Cory and Ben’s goal has been to accommodate families with a beautiful place to live at a fraction of the cost of other means of home ownership. Their lot spaces are currently $260 per month for singlewide and doublewide homes alike. And unlike other communities of this caliber, North Meadows doesn’t go up on your rent every year. With the service North Meadows provides, they are a community that looks out for their residents’ best interests. Cory stated, “when we bought this community in 2011, the recession was still going on and it was a very difficult time economically for a lot of families. We wanted to have the best community around for families to live in and still keep it affordable. I think we have fulfilled that objective”.
Most mobile home communities of this size are owned by out of state investors, who look at their tenants as numbers and keep pushing to increase the rents. Cory and Ben’s goals from the beginning have been to increase revenue by increasing occupancy and keeping the rents affordable. Their main objective is to rent their lots until they are at 100% occupancy. Since their purchase, they have been offering 3 options to help lease their lots.
• If you already own your own mobile home, North Meadows will pay for all transportation and set-up costs to have your home moved to their community.
• As part of their Lot Rental Incentive Program, North Meadows will pay the down payment for your new mobile home purchase from any dealer up to $3500 for a singlewide and $5000 for a doublewide for you to come live in their community.
• North Meadows will offer free lot rent for a year if you bring your new home from any dealership to their community.
Another plan for growth Cory and Ben have implemented, has been bringing in their own homes for customers to purchase. They have several new 2017 homes available. From buying in bulk and setting them up on their lots, North Meadows is saving customers thousands of dollars they would incur if they went to an independent sales lot and purchased their home directly.
For example: the average cost for a new 2017 home on their rental lot is $25,000. This makes owning a home very affordable. With a down payment of $2500, North Meadows will finance the rest, giving a new home owner a great opportunity to have a home paid off in 10 years or less. With optional lawn care, free trash pick-up, paved streets throughout the community and nice recreational areas, it makes for maintenance free living at a great price.
Cory is very proud of the fact that they do not have a lot of turnover at North Meadows since he and Ben took ownership. Once people choose to move into the community, it’s very rare that they move out.
North Meadows is perfect for families just starting out or for retirees who are looking for a maintenance free option. You will find all age ranges in the community that they have created at North Meadows. Located between Asheboro and Randleman, and in the Randleman School District, it’s a great place to call home.
With Cory spending most of his time at North Meadows, he also has a full-time staff consisting of Holly Hardister (Office Manager) and Keven Price (Maintenance). With their expertise, the community is well kept and offers a carefree option to owning your own home.
To learn more, visit www.northmeadowscommunity.com, call 336-672-6200 or drop by the office at 801 Hub Morris Road, Randleman, Open Monday through Friday from 8 to 5 pm, there you can meet with Holly to pick up an application and tour available homes.