Cook Properties Acquires 332-pad mobile home park portfolio in the Buffalo, NY MSA
On April 20, 2021 Cook Properties acquired the interests in Suburban Acres and Rapid Estates Mobile Home Parks consisting of 332 pads in Lockport, NY. “We are very excited to complete another purchase in our home state of New York. We continue to find great deals while navigating the blue waters of NYS. This property has a ton of upside through in fill and management efficiencies”, said CEO Jeffrey Cook.
“We are anticipating equity returns in the 8-10% range for the first few years; increasing dramatically into the high teens after a refi/capital return in year 4/5. Financing services were provided by Security Mortgage Group. The guys at Security did an excellent job. They delivered great service as usual, said Cook.”
Since Jan 1, 2021, Cook Properties has closed on 5 mobile home parks totaling $7.4mm. However, they have another $42mm of parks and development projects under contract. All projects are scheduled to close in the next 75 days. Our team is ready for a busy 2nd and 3rd quarter. We have a great team of employees that take great pride in their work,” Brian Cook, Cook Properties’ COO said.
Cook Properties is a family-owned and operated real estate development company. It was founded in 1997 by Jeffrey Cook. Brian Cook joined the family operation in 2010. We operate 35 multi-tenanted properties across New York State. Our portfolio consists of mobile home parks, storage facilities, apartments, office buildings, and retail plazas. Our mobile home park portfolio consists of 30 communities with 3000 pads. Our retail/office properties measure 220,000 SF and we operate 5 storage facilities with 2000 units.
Cook Properties Fund 20 is a $20mm Private Equity Fund purchasing mobile home parks in NYS. The fund offers stable double-digit returns through the purchase of cash flowing properties with upside. For more information, contact Jeffrey Cook at 585-233-4699 or email firstname.lastname@example.org.