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