Park Street Partners Launches Mobile Home Park Acquisition Fund

Park Street Partners ("PSP") has launched a 506 Reg D fund to acquire mobile home parks.  "We hope to raise $5mm over the next two years," stated Jefferson Lilly, Managing Director of PSP.  "The benefits to our limited partners will be both diversification across geographies and better acquisition prices given that we will be able to make offers to sellers for all cash and without a financing contingency," Jefferson continued.

Park Street Partners' first acquisition, the Cherrywoods mobile home park (www.cherrywoods.net) returned 3.5% of capital to its investors in Q3, 2014 (14% annualized rate of return).  "This is no guarantee of future returns, but we believe does demonstrate PSP's ability to operate our properties well," said Brad Johnson, Managing Director of PSP.

Complete information on the Park Street Partners fund and offering documents can be found at:

www.parkstreetpartners.net/fund

Leading Private Equity Firm Park Street Partners Acquires 4th Mobile Home Park

Acquisition Spree Continues in Oklahoma With Largest Acquisition To Date

Tulsa, Oklahoma (PRWEB) November 05, 2014

 Park Street Partners (“PSP”) announces today that it has completed the acquisition of the Oaks Mobile Home Park in Sapulpa, OK. Located just 10 miles southwest from downtown Tulsa, Oklahoma, this manufactured housing community provides affordable housing for working-class families. PSP will infill the property’s vacant pads with nearly two dozen newer mobile homes to expand the supply of affordable housing in Tulsa.

“The condition of the Oaks trailer park made this a challenging acquisition. But we’ve over-capitalized the deal with a combination of debt and equity so that we can repair the roads, rehab nearly a dozen abandoned mobile homes, and then purchase and rehab another 20+ mobile homes to bring the property to 100% physical occupancy. We’ll expand the supply of affordable 2 bedroom, 3 bedroom, and 4 bedroom housing from 58 mobile homes to 91 mobile homes over the next 18 months. That’s a 57% increase in affordable housing,” said Jefferson Lilly, Founding Partner of Park Street Partners.

“Clayton Bank and Trust located in Knoxville, Tennessee is pleased to have been selected to provide the Mortgage for Park Street Partners to acquire, and expand the Oaks MHP in Tulsa. The additional Line Of Credit to complete a 20 home infill expansion will provide safe, comfortable, and affordable housing,” said Jim Clayton, Chairman/Shareholder of Clayton Bank and Trust.

Kevin Kimzey, President of Clayton Bank, stated: “Our team looks forward to entering into future lending transactions to support the growth of Park Street Partners.”

“Park Street Partners was a pleasure to deal with. They remained committed to the transaction despite some ups and downs during the diligence period, and yet still successfully raised debt and equity capital to complete the transaction in a timely manner. They were fair with my client, and I look forward to selling more manufactured housing communities to Park Street Partners in the future,” said Keith Wilson, of the Keith Wilson Company, the broker of record.

Park Street Partners will be renaming the property ‘Tulsa Estates Mobile Home Park’ and will be promoting the property through a new website at http://www.tulsaestatesmhp.com. All available housing will be listed there, as well as directions for prospective new homeowners, a portal for tenants to log repair requests, downloadable applications, and park rules and regulations. PSP will also begin marketing Tulsa Estates heavily through the Tulsa CraigsList and the Tulsa World newspaper.

“Our goal is to help deserving families get out of the game of paying rent forever in apartments, and into affordable housing they’ll actually own. Our average 3-bedroom mobile home will rent-to-own for $600/month. The average 3-bedroom apartment in Tulsa is $844/month right now. Families will save a few hundred dollars per month right off the bat with us, and much more once they own their home and only pay lot rent. We make homeownership a reality for working-class families,” Jefferson concluded.

About Park Street Partners
Park Street Partners helps solve America’s affordable housing crisis by enabling families in in the bottom 1/3 of the income distribution to get out of the game of paying rent forever, and to own a 3- or 4-bedroom mobile home in five to seven years for as little as $550/month. PSP is a private investment firm focused on mobile home park investing in select markets throughout the U.S.  The firm seeks to deliver its investors superior cash flow returns by acquiring undervalued or underperforming mobile home parks, and implementing aggressive value-add asset management improvements.  Park Street Partners is actively raising capital for additional manufactured housing community acquisitions as it looks to capitalize on this inefficient and misunderstood asset class. Additional information regarding Park Street Partners may be found at http://www.parkstreetpartners.net.

Park Street Partners, LLC
27762 Antonio Pkwy L1-435
Ladera Ranch, CA 92694
949.415.4271
http://www.parkstreetpartners.net
Follow Us On Twitter: #MHPinvesting

Park Street Partners Closes on Kansas City Mobile Home Park

Lilly & Company's acquisition partnership, Park Street Partners has closed on it's first property - the Cherrywoods mobile home park in Ottawa, KS (Kansas City metro area).  We are currently raising debt and equity capital for our next two acquisitions, expected to close by November, 2014.


Park Street Partners Acquires Cherrywoods Mobile Home Park

Park Street Partners recently purchased a mobile home park investment in the Kansas City metro area.

Ladera Ranch, CA (PRWEB) July 14, 2014 -- Park Street Partners, a private real estate firm specializing in mobile home park investing, announced today that it has acquired the Cherrywoods Manufactured Home Community in the Kansas City metro area. The Property is a 45-pad, four-star, all-age community situated on 6 acres in Ottawa, Kansas. The seller developed the property in 1998. Broker Jeff Mueller, formerly of Marcus & Millichap and now with CBRE, represented the seller. The terms of the transaction were not disclosed.

“This was a rare opportunity to acquire a relatively newly developed mobile home park, with impeccable infrastructure, direct-billed utilities, and significant upside in a growing metro area,” said Jefferson Lilly, Co- Founder and Partner of Park Street Partners. “Our vision for the next 24 months is to build Cherrywoods into the premier affordable housing option for families on a budget in Ottawa. We can achieve this because of the strong support of our equity partners. Cherrywoods’ high cash flows and attractive seller financing resulted in healthy investor demand for this investment opportunity, which was oversubscribed at closing.”

About Park Street Partners

Park Street Partners is a private investment firm focused on mobile home park investing in select markets throughout the U.S. The firm seeks to deliver superior cash flow returns to its investors by acquiring undervalued and underperforming mobile home parks, and bringing professional, value-added asset management practices to bear on the operation of each property. Park Street Partners is actively raising capital for additional mobile home park acquisitions. Additional information regarding Park Street Partners may be found at http://www.parkstreetpartners.net.

Park Street Partners
27762 Antonio Pkwy L1-435, 
Ladera Ranch, CA 92694

949.415.4271 

www.parkstreetpartners.net