United States, California, San Francisco - 10-07-2019 (PRDistribution.com) — Park Avenue Partners has acquired four manufactured housing communities in the Sioux City, IA metro area. The transaction was sourced off-market. The Partnership closed quickly and for all-cash in exchange for favorable pricing.
“We liked this portfolio of properties for three reasons. First, there is potential to expand the supply of affordable housing by over 60 homes. Second, there is upside in raising rents to fair market. Third, the communities need cleaning up, and will really shine under our management team. The residents and surrounding neighborhood deserve that,” said Jefferson Lilly, Founder and Managing Partner.
A video of the acquisition is here:parkavenuepartners.com/acquisition-announcement
Park Avenue Partners estimates the acquisition will generate a 15% IRR for its Limited Partners, all of whom are Accredited Investors, and that approximately half of that return will be paid in quarterly cash distributions. In addition, the Partnership predicts over half the cash returns will be shielded from taxes by depreciation of improvements and amortization of goodwill.
Co-own Mobile Home Parks™ With Park Avenue Partners
The Partnership is unique among MHP funds in two ways. First, its GP takes no money management fees of any kind - no acquisition fees, no personal guarantee fees, no divestiture fees, and no salary. Second, the Partnership is a private equity real estate investment firm that focusses on expanding the supply affordable housing for lower-income Americans.
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