Park Street Partners Makes Largest Mobile Home Park 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
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