Park Avenue Partners Launches Real Estate Fund to Acquire And Improve Mobile Home Parks
United States - 10/04/2019 (PRESS RELEASE JET)
$10.8 Million Initial Capitalization
Park Avenue Partners announces the launch of its private equity real estate fund to expand the supply of affordable housing nationwide by acquiring and improving mobile home parks.
This is the third mobile home park acquisition fund by the Founder and Managing Partner, Jefferson Lilly. Mr. Lilly’s previous funds appear to be well on their way to generating double-digit IRRs for their Limited Partners. “I’m excited to be able to offer investors another opportunity to earn superior risk-adjusted returns in a very low-risk alternative asset class,” commented Jefferson. The firm also has a social mission as well. Over the life of our fund, Park Avenue Partners expects to help more than 200 families become homeowners, and to improve communities for perhaps 1,000 more residents that already own their mobile home.
About Park Avenue Partners
Park Avenue Partners is unique in the manufactured housing industry for two reasons.
First, its Founder and Managing Partner takes no fees of any kind - no acquisition fees, no personal guarantee fees, no divestiture fees, and no salary. “This is virtually unheard of among other MHP funds, or anywhere in the world of money management,” commented Jefferson, “Our interests are 100% aligned with those of our investors; we only get a percentage of profits after our LPs are paid first.”
Second, Park Avenue Partners focusses on providing affordable housing for lower-income Americans by acquiring under-managed mobile home parks and renovating abandoned mobile homes and/or buying new mobile homes to infill and resell in their communities. “Most of these homes will be sold to residents for monthly payments lower than apartment rents, and we require lower down payments and lower credit scores than banks require of homeowners buying traditional site-built homes” explains Barry Hong, VP of Operations. Park Avenue Partners helps lower income Americans build up equity in mobile homes, instead of throwing it away on rent.
“We invite Accredited Investors to ‘co-own mobile home parks with us,’”™ explains Jefferson. More than 70 Limited Partners have already invested in the fund, including dozens of previous investors who have ‘re-upped’ and invested for a second and even third time.
Contact:
(415) 228-6900
Media Contacts:
| person_outline | Full Name: | Jefferson Lilly |
| phone | Phone Number: | (415) 228-6900 |
| business_center | Company: | Park Avenue Partners |
| language | Website: | www.parkavenuepartners.com |
| mail_outline | Email: Send Email |
