Park Street Partners, Ladera Ranch, California, recently announced the acquisition of the Broken Arrow Estates Mobile Home Park in Broken Arrow, Oklahoma, in the Tulsa metro area. This is the fifth manufactured home community acquired for this private equity investment firm.

PR Web tells MHProNews that Brad Johnson, Co-Founder of Park Street Partners (PSP), said, “We are excited about purchasing this community because Broken Arrow has a shortage of affordable housing. We can provide three-bedroom manufactured homes to families on a budget for around $28,000.”

He explained that the average site-built home in the area costs $152,000. Another benefit for residents of Broken Arrow Estates is that the excellent Broken Arrow High School is only one block away. “This is another reason that this community is the ideal choice for families on the south side of Tulsa,” he added.

Johnson explained that this transaction is a landmark for Park Street Partners because of the participation of international investment capital for the first time. “One of our investor/co-owners is a leading business executive in Africa,” Johnson said.

Jefferson Lilly, Co-Founder of Park Street Partners, added that this acquisition was also backed by two experienced domestic investors, one of whom already owns other manufactured home communities and recognizes the value PSP brings to the communities they own.

Lilly also stressed that PSP sees the potential in manufactured home communities, and by investing in them, the firm believes such investments may be able to generate significant financial returns. He said that 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.

PSP believes they are helping to solve America’s affordable housing crisis by enabling families in the bottom 1/3 of income distribution to escape from paying rent forever in apartment complexes and moving into 3- or 4-bedroom manufactured homes that they will own in five to seven years for as little as $550/month.

In addition, the firm seeks to deliver to its investors a superior quarterly cash flow by acquiring and investing in undervalued and underperforming manufactured home communities. Park Street Partners is actively raising capital from individuals and institutions to acquire additional manufactured housing communities.

Broker for the sale was Jon Shay from ARA’s manufactured housing brokerage group. No information about the sales price was given.  ##

(Photo Credit: Broken Arrow Estates)

 

Article submitted by Sandra Lane to – Daily Business News – MHProNews.