Seeking opportunity in this market may seem risky, but for Forrest Street Partners, this strategy has led to great returns during a busy Q1 & Q2 in 2023. Forrest Street Partners (FSP) kicked off 2023 with the sale of two properties in Mobile, Alabama. Bay Palms RV Resort in Dauphin Island, AL, and Mobile West in Theodore, AL, were sold as a part of the firm's strategy to expand opportunities in the southeast for additional investments in the Forrest Street portfolio. Citing another strategic move, FSP purchased a new site of 97 acres in Starkville, MS, which holds great promise for future development. By staying the course with their current investments, their value-add strategy, and with other properties under contract for both sale and purchase, the firm is set to close out a strong 2023.
ROSWELL, Ga., Oct. 12, 2023 /PRNewswire-PRWeb/ -- Forrest Street Partners (FSP) kicked off 2023 with the sale of two properties in Mobile, Alabama. Bay Palms RV Resort in Dauphin Island, AL, and Mobile West in Theodore, AL, were sold as a part of the firm's strategy to expand opportunities in the southeast for additional investments in the Forrest Street portfolio. By executing their value-add strategy, FSP created solid returns for investors.
In 2022, the Mobile West property was rebranded, and at the time of sale, FSP had completed significant improvements while adding more than fifteen (15) new sites. Bay Palms was purchased in 2019. During the period of holding, FSP added twenty-seven (27) sites and upgraded amenities throughout the resort. The successful repositioning of these properties made them attractive purchases and optimistic future investments.
Citing another strategic move, FSP purchased a new site of 97 acres in Starkville, MS, which holds great promise for future development. Like the firm's KOA property near Athens, Georgia, and the University of Georgia campus, this property has close proximity to Mississippi State University, which during the fall alone can attract between 50,000 and 60,000 people to its campus for home football games.
Despite increasing interest rates and cautious banks, FSP continues to actively and intentionally search for properties that present strong opportunities to create returns. As Reece Stead, Partner at Forrest Street Partners suggests, "As we seek new opportunities, we will continue making improvements across our existing portfolio of properties while adding new home sites throughout our parks and multi-housing communities here in Georgia. Enhancing the quality of life for our residents and continuing to offer alternatives in the affordable housing market has been at the forefront of the FSP mission since our inception."
Forrest Street continues to remain focused on value-add work on their current properties and plans to stay the course with their current investments. With properties under contract for both sale and purchase, the firm is positioned to close out 2023 with a strong Q4 as the team opens the door for new opportunities in the coming year.
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.
Media Contact: Whitney Thrower, [email protected]
SOURCE Forrest Street Partners
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