Park Street Partners (PSP) of Ladera Ranch, California informs MHProNews it has purchased Desert Trails Mobile Home Park in Green River, Wyoming, marking its seventh manufactured home community (MHC), but its first acquisition of the year, according to pressreleaserocket.
Noting the community’s occupancy increased during the closing period, co-founder of PSP Jefferson Lilly said, “We can’t make guarantees about profits, but feel we will likely generate a better than 50% annual return this first year for our limited partners. Judging from some of the large manufactured housing REITs we estimate manufactured housing communities have a beta of around 0.65, and we feel PSP can generate consistent annual returns in the high-teens for our early co-investors. Also important to note is that this asset class is not correlated with stock markets or other real estate niches.”
A private equity real estate investment firm (PERE), PSP says its mission is to invest in and improve underperforming MHCs while at the same time offering affordable housing for families in the bottom one-third of income distribution by providing manufactured homes (MH) they can purchase for as little as $550 a month. While actively seeking investors as well as MHCs to acquire, the company also rehabs MH. ##
(Photo credit: thinkstock–manufactured home community)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.