Cook Properties is pleased to announce the acquisition of a 2,300-pad manufactured housing portfolio, making Cook the largest owner/operator of manufactured housing communities in New York State. The 54-park portfolio, which also includes a full-service sales center, was purchased from Affordable Great Locations (AGL) in a joint venture partnership with Waterfall Asset Management. The deal was secured by a $69.5 million Fannie Mae Credit Facility loan.
Cook Properties will bring on the entirety of AGL’s workforce – more than doubling their employee count. To accommodate this period of rapid growth, Cook is expanding and renovating their headquarters at 90 Airpark Drive in Rochester, New York. Cook also recently purchased 50 Airpark Drive, an adjacent 30,000 square foot flex building to be used for future facilities expansion.
“This is a significant acquisition for Cook Properties as we accelerate our growth in the Manufactured Housing Community space,” said Max Dowd, Director of Acquisitions. “It’s not often we see opportunities of this size in our backyard. Given the quality and location of these parks, they will fold seamlessly into our current portfolio.”
“We are excited to partner on our first of many opportunities with Cook Properties,” added Patti Unti, Managing Director, Waterfall Asset Management. “The Cook team brings a wealth of institutional knowledge to this asset class and market.”
“Becoming the #1 owner and operator of MHCs in New York State is an exciting milestone for us,” said Jeff Cook, Managing General Partner and CEO. “We take pride in playing a major role to support safe and affordable housing efforts in New York State. This acquisition serves as a springboard as we now turn our attention to new development opportunities. We currently have 300-acres of land under contract in the Rochester metro area. By the end of this year, we’ll begin work on our first ground-up development project – Uptown Landing – a 100-acre mixed-use development in Canandaigua, New York which includes a combination of apartments, townhomes, and manufactured housing.”