Westbrooke Alternative Asset Management Limited is pleased to announce the closing of the largest Westbrooke Tovia Mobile Home Park Fund investment to date. The fund successfully acquired a 220 lot strong park in North Carolina for $6.3m.
The Fund invested alongside a senior lender focused on mobile home parks who provided attractive, non-recourse debt for 65% of the purchase price, with the Fund investing the balance as equity.
This asset is right in our sweet spot being an acquisition from a “mom-and-pop” seller, with significant upside in the deal from pricing, infill of vacancy and the conversion of park-owned homes into tenant-owned homes.
To learn more about this real estate investment strategy in the US, visit https://westbrooke.co.za/tovia-mobile-home-parks/