The $7 million acquisition of Mulwala Sun Country Holiday Village will see it expanded to house more than 140 permanent residents.
The Ingenia Communities Group has consent to develop the village once due diligence is finalised about early May.
The village, which was severely damaged by a tornado in March last year, has 34 permanent homes, 200 annual cabins, 20 tourist sites and three powered campsites.
Ingenia chief executive Simon Owen said they planned to build 36 more tourist sites and 107 permanent homes, with work to hopefully start in September.
“There is a growing need for affordable housing for seniors or first homebuyers,” he said.
“We can sell brand new houses between $215,000 to $300,000 and there’s a very good market in that.
“Sun Country has a viable short term and tourist market and we want to invest in that too.”
The 200 privately owned annual holiday cabins will be leased out on a long-term basis.
Mr Owen said they planned to upgrade the pool to a water park with slides and cannons to attract young families.
He also wanted to install a jumping pillow.
“The children can jump and have fun while the parents kick back and have a beer,” he said.
Ingenia is the largest owner-operator of manufactured home estates in NSW, with 15 purchases since entering the market in February last year.
“We’re very excited at meeting the Mulwala and Yarrawonga communities,” Mr Owen said.
“We pride ourselves on using local trades and services.”