“We want to improve Fernwood for the current residents while opening the door to new residents,” said Brandon Crim, partner at Forrest Street Partners.
ROSWELL, Ga. (PRWEB) December 02, 2022
Forrest Street Partners (FSP) expands their manufactured home community (MHC) portfolio with the purchase of Fernwood Park. This represents the firm’s fifth MHC investment, and their first venture south of Atlanta. Fernwood Park is located in Fayetteville, GA, which is less than twenty (20) miles south of Atlanta. The park is conveniently located north of Downtown Fayetteville and less than a mile from Fayetteville Pavilion, which features popular big-box retailers like Target, Walmart and Home Depot.
Fernwood Park was originally developed in the 1970’s and is home to 106 sites. Currently experiencing high vacancy rates, the park is in dire need of improvements. With four additional MHCs in Fayette County, each is 90%-100% occupied, data suggests that the local market could benefit from an additional housing option.
“We want to improve Fernwood for the current residents while opening the door to new residents,” said Brandon Crim, partner at Forrest Street Partners. “We are looking forward to offering potential residents the option to lease or purchase – an option not currently available to them at this time. Due to the high cost of entry and current housing demand in Fayette County, we feel confident these new opportunities will be welcomed,” said Crim.
In order to accomplish this turnaround, FSP will immediately commence park improvements, including internal road infrastructure, re-skirting, and pressure washing existing homes while bringing in new homes to fill vacant lots. Other essential improvements include updating the current park amenities, installing new park signage, and enhancing the landscaping throughout the property in order to bring the current park to the standards residents have come to expect from Forrest Street communities.
About Forrest Street Partners
Forrest Street Partners is a boutique real estate investment firm. Headquartered in Roswell, Ga., the firm focuses on identifying, repositioning and operating RV parks, manufactured home communities and retail properties across the Southeast. The entrepreneurial team seeks value-add opportunities to provide investors elevated returns by leveraging progressive thinking, collaborative decision-making, a curated network of resources and varied individual backgrounds. The Forrest Street team has decades of experience in lending, acquisitions, construction, repositioning, sales and leasing. Find more information at https://forrest-street.com/ and follow us on LinkedIn.