Tulsa, OK (PRWEB) February 25, 2015
“We are excited about purchasing this mobile home park because Broken Arrow has a real shortage of affordable housing. We can provide three bedroom mobile homes to families on a budget for around $28,000; the average site-built home costs $152,000 in this market. The excellent Broken Arrow High School is one block away, which makes this manufactured housing community the ideal choice for families on the South side of Tulsa,” said Brad Johnson, Co-Founder of Park Street Partners.
“This transaction is a landmark for PSP’s investment activities because we tapped international investment capital for the first time. One of our investor/co-owners is a leading business executive in Africa. This acquisition was also backed by two experienced domestic investors, one of whom already owns mobile home parks and recognizes the value PSP brings to the operations of trailer parks,” commented Jefferson Lilly, Co-Founder of Park Street Partners. “We acquired Broken Arrow Estates (http://www.brokenarrowestates.com) at an 11% cap rate, and it has upside from there in bringing rents to market, infilling with new homes, and controlling expenses by installing water meters to conserve water. We anticipate delivering 10% - 14% cash-on-cash returns to our limited partners, plus another 5% - 10% in annual appreciation,” he continued.
Park Street Partners sees the potential in mobile home parks, and by investing time and money into them, PSP believes such investments may be able to generate significant financial returns for investors. PSP is also proud of bringing about positive social change by expanding the supply of affordable housing and increasing the rate of home ownership in America.
“Park Street Partners was a pleasure to do business with, and an obvious buyer since they are acquiring other parks in the Tulsa area. They stuck with the deal despite some bumps along the road. As one of the most active brokerage firms in the country selling manufactured home communities, we look forward to working with Park Street Partners again soon,” commented Jon Shay, Broker with ARA’s manufactured housing brokerage group.
About Park Street Partners
Park Street Partners helps solve America’s affordable housing crisis by enabling families in the bottom 1/3 of income distribution to get out of the game of paying rent forever in apartment complexes, and into 3- or 4-bedroom mobile homes that they will own in five to seven years for as little as $550/month. The firm seeks to deliver its investors superior quarterly cash flow returns by acquiring and investing in undervalued and underperforming mobile home parks. Park Street Partners is actively raising capital from individuals and institutions to acquire additional manufactured housing communities.
Park Street Partners, LLC
27762 Antonio Pkwy L1-435
Ladera Ranch, CA 92694
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This release does not constitute an offer to sell or a solicitation of an offer to buy securities. Any such offer will be made only by means of the Confidential Private Placement Memorandum (“Memorandum”) of PSP Mobile Home Park Fund, LLC, or such other applicable Memorandum. Any information contained in this release is qualified in its entirety by the Memorandum. Past returns are no guarantee of future returns.