Eureka continues to mop up rental villages across the eastern seaboard, purchasing its second village in Mackay. They paid $1.16 million to the receiver of the 38 unit village which also included a community centre with its large commercial kitchen. This equates to $30,526 per unit.
Eureka states they require a 15% under levered EBITDA return on each investment. In three years they have built ownership to 26 villages representing 1,334 units plus they manage a further nine.
They have a further seven villages under current due diligence or clear line of sight to ownership.
Eureka is the only active buyer of private rental villages with approximately 300 operating across the country.
Image: Eureka's existing Mackay village Cascade Gardens.
