The goal for the property is to maximize its cash flow while enhancing its value
Clearwater, FL (PRWEB) May 29, 2013
Strong interest in secure cash-flow and opportunity for growth is driving investor dollars to Sun-belt markets in large numbers. With its warm weather, lack of state income tax and relatively low cost of living, Texas, much like Florida, has become a haven for retirees—Texas boasts a considerable number of RV resorts that cater to retired individuals (1). Recently, Florida based Parkbridge Capital Group, a company that arranges purchases, sales and financing for investors, orchestrated a $6.5 million purchase and $4.5 million loan for a luxury RV resort in the McAllen area.
Parkbridge completed the transaction for a South Florida-based investment partnership — the deal involved acquisition services and the placement of a conduit loan for 75% LTV at a 4.5% interest rate. The seller was a private investor that owns several other parks in Texas and Florida. Parkbridge managing partner Lee Meekcoms led the closing—his second in the past four months. He recently orchestrated a $10,350,000 acquisition and financing involving the 295-unit May Manor manufactured home community in Lakeland, FL.
Five years after the crash of the U.S. economy, RV and mobile home parks have seen significant growth in investor interest and strong sales during 2012. Meekcoms says that the “baby boomer” generation often wants the benefits of living well without the high overhead, and resorts such as Palm Shadows maximize investor return while also providing tenants with a favorable and affordable living environment.
The 450-unit gated community features an 8,000 square foot clubhouse with stage and dance-floor, billiards room, pool, a lounge that offers free entertainment several nights a week and several other amenities. Parkbridge is now in follow-up transactions for the principals of both the seller and the buyer.
“This investment for the Palm Shadows Resort was a significant opportunity,” says Meekcoms. “The resort is a highly desirable asset amid the retiree-oriented property market in Texas in the same market area that a large REIT recently acquired two similar properties for $25 million. The goal for the property is to maximize its cash flow while enhancing its value.”
Parkbridge’s management affiliate, Parklane Real Estate Services, LLC, advised on the post-acquisition management plan.
Parkbridge Capital Group has secured quality real estate investments for its partners, affiliates and clients for the past 25 years. Managing Partner, Lee Meekcoms has orchestrated more than 100 transactions involving mobile home parks, manufactured home communities and RV resorts, throughout the country, with a current value in excess of $1 billion.
About Parkbridge Capital Group, Inc.:
The company was established by Leon D. (Lee) Meekcoms, Managing Partner of Parkbridge Capital. His investment property experience evolved through the apartment and self-storage sectors, and then the stable nature of the mobile home park asset-class attracted him. In 1987, Lee affiliated with an investment firm located in Northern California and formed Parkbridge Capital Group to orchestrate the acquisition of manufactured home communities and destination RV resorts throughout the country. Parkbridge’s activities were instrumental in building the largest privately-owned investment firm in this specialty niche in the U.S. The portfolio expanded to more than 60 properties with over 25,000 sites throughout the country. Parkbridge and its staff have located, negotiated and structured the purchase and the sale of more than 100 manufactured home communities, mobile home and RV parks in thirteen different states throughout the country, with a current value well in excess of $1 billion. Parkbridge’s major focus is on RV parks and manufactured home communities in selected markets throughout the U.S., with specific emphasis on secure investments with large upside potential by way of advantageous strategies to maximize investment returns.
1) Hill, Catey. “Retire Here, Not There: Texas.” http://www.marketwatch.com. Wall Street Journal, 18 Mar. 2013. Web. 21 May 2013. marketwatch.com/story/retire-here-not-there-texas-2013-03-18.