Park Portfolio

Investment Details

The Cook Properties 55 Park Portfolio is a private real estate equity fund of $26M with the goal of acquiring mobile home parks and storage facilities in Massachusetts, New York, Pennsylvania and Ohio.

The Fund will own the investment properties, but targets stable returns through the purchase of cash flowing properties with a measurable upside. The Fund will manage the properties and make thoughtful investments to add value.

  • Double digit annual cash on cash returns
  • Expected Internal Rate of Return: 15.2%
  • $50,000 minimum investment
  • Investment is in the Fund which will own the investment properties
  • Distributions paid monthly, excess returns paid quarterly
  • 10 year expected fund duration; shares can be transferred with
    General Partner’s approval
  • Excellent investment track record of consistent returns

Additional Information:

Case Study # 1:   2 storage facilities in Genesee County, NY

  • 175 units drive up units, non climate controlled
  • 2008 purchase for $310,000
  • 50% vacant, leased up for 12 months
  • Raised rent annually
  • 2011 secured permanent financing for $450,000
  • 2015 cash out refinance; valued at $657,000
  • 2019 cash out refinance; valued at $1,065,000
  • Increased annual NOI from $29,554 to $90,640
  • Increased value from $310,000 to $1,065,000

Case Study #2:  Adjacent Mobile Home Parks in Waterloo, NY

  • Purchased 3 years apart: First property for $425,000 March 2010 and second property for $475,000 July 2013
  • 70 total permitted pads, 35 occupied at purchase
  • 2013 First property refinanced for $550,000 to replace water lines, pads, and small cash out
  • 2017 First property refinanced for $1,085,000 to pave roads and cash out
  • Parks combined in 2018
  • Raised rent annually
  • 2018 Second property refinanced for $775,000 to develop 6 acres between the two parks and add 16 new pads and homes
  • 2020 bought parcel next door to second property. On track to develop 20 more new pads in 2021
  • 90 pads by end of 2021
  • Increased annual NOI from $95,000 to $400,942
  • Increased value from $900,000 to $2,970,000
  • Cap rate from purchase to now is 4.4% to 13.5%
  • 2019 cash on cash return was 44%

Case Study #3:  Mobile Home Park in Utica, NY

  • Purchased in 2015 for $2.4mm with 141 pads
  • Sub metered water and sold off 10 park owned homes, rehabilitated and rented 10 more within first 3 months of ownership
  • In 2016, just 12 months after purchase, refinanced for $3.2mm
  • Raised rent annually
  • Increased annual NOI from $228,000 to $482,000
  • Increased value from $2.4mm to $4mm++ (Will refinance in 2021)
  • Working on site plan to develop excess vacant land for 50 new homes
  • Cap rate from purchase to now is 9.5% to 12.1%
  • 2019 cash on cash return was 37.5%

Case Study #4:  Mobile Home Park in Ithaca, NY

  • Purchased in Jan 2018 for $2.3mm, 124 pads
  • Brought in 10 new homes and sold off 20 park owned homes in first 12 months of ownership
  • Raised rent annually
  • Increased annual NOI from $263,000 to $341,000
  • Increased value from $2.3mm to $3.9mm
  • Jan 2019 Refinanced at 65% LTV; 85% of investor capital returned
  • Cap rate from purchase to now is 11.4% to 8.7% (due to refinancing)
  • 2019 cash on cash return was 22.3%

Case Study #5 – Mobile Home Park in Hudson, NY

  • Purchased in 2017 for $3.3mm, 117 pads
  • Installed 12 new pads and homes
  • Sub-metered water in 2018, adding $35,000 to the bottom line
  • Raised rent annually
  • Working on site plan to develop excess vacant land for 60 new homes
  • Increased annual NOI from $296,444 to $481,000
  • Increased value from $3.3mm to $5mm
  • Cap rate from purchase to now is 8.9% to 9.6%
  • 2019 cash on cash return was 19%

Case Study #6:  2 Mobile Home Parks in Wayne County, NY

  • Purchased 2018 for $3.5mm, 192 pads in 2 parks
  • Installed 20 new pads and homes
  • 20 homes demoed
  • Raised rent annually
  • Increased annual NOI from $312,412 (2018) to $454,695 (2019)
  • Increased value from $3.5mm to $5.5mm; will refinance 3rd/4th qtr 2021
  • Finishing permit process for septic to sewer conversion in 2021 (running sewer 1 mile)
  • Cap rate from purchase to now is 8.9% and 13%
  • 2019 cash on cash return was 14.2%

Note: all numbers reported are year end 2019 figures.

Exceptional Opportunities. Exceptional Returns.

Important Information and Disclaimers

The information contained herein is provided for informational and discussion purposes only and is not, and may not, be relied on in any manner as legal, business, financial, tax or investment advice or as an offer to sell or a solicitation of an offer to buy an interest in the investment described herein (the “Investment”), or to participate in any trading strategy. A private offering of interests in the Investment will only be made pursuant to the Investment’s offering materials, including the Investment’s subscription documents (the “Offering Package”), which will be furnished to qualified investors on a confidential basis at their request for their consideration in connection with such offering. The information contained herein will be superseded by, and is qualified in its entirety by reference to, the Offering Package. To the extent that there is any inconsistency between this document and the Offering Package, the provisions of the Offering Package shall prevail. No person has been authorized to make any statement concerning the Investment other than as set forth in the Offering Package and any such statements, if made, may not be relied upon. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the approval of Cook Properties Fund 20. By accepting this document, the recipient agrees that it will, and it will cause its shareholders, partners, members, directors, officers, employees and representatives, to use the information only to evaluate its potential interest in the securities described herein and for no other purpose and will not divulge any such information to any other party except for its advisors under duties of confidentiality. By accepting this document, each recipient agrees to return it promptly upon request. The Sponsor is the sole sponsor of the offering of interests in the Investment. The interests in the Investment are subject to restrictions on transferability contained in the Offering Package. Neither the Sponsor nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. No representations are made as to the accuracy of any targets, estimates, approximates or projections or that such targets, estimates, approximates or projections will be realized. Forward-looking statements are based upon certain assumptions and information available on the date hereof. Actual events are difficult to predict and may be beyond the Sponsor’s control. The information contained herein does not purport to contain all of the information that may be required to evaluate an investment in the Investment and any recipient of this document is encouraged to read the Offering Package and should conduct its own independent analysis of the data referred to herein prior to making an investment in the Investment.

Prior to the sale of interests in the Investment, the Sponsor will give investors the opportunity to ask questions and receive answers concerning the terms and conditions of an investment in the Investment and other relevant matters and to obtain any additional information (to the extent that the Sponsor possesses such information or can obtain it without unreasonable effort or expense) necessary to verify the accuracy of the information in this document. Each prospective investor should consult its own attorney, business adviser and tax adviser as to legal, business, tax and related matters concerning the information contained herein including the merits and risks involved with an investment in the Investment. The Investment involves a high degree of risk. Participation in the is suitable only for sophisticated accredited investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment. Investors in the Investment must be prepared to bear such risks for an indefinite period of time. No assurance can be given that the Investment’s objectives will be achieved or that investors will receive a return of their capital. There will be no public market for interests in the Investment, and interests in the Investment will be subject to strict limitations on transfer. Investors should regard their interests as illiquid, and investors should not invest in the Investment unless they are prepared to lose all or a substantial portion of their investment.

All track record and prior investment performance is subject to and qualified by the following:

A. As used herein, the term “Cook Properties Investors,” or “Cook Properties” refers to the umbrella brand of real estate investments sponsored by Cook Properties Fund 20. Accepted investors will be investing in Cook Properties Fund 20, a Delaware limited liability company (the “Fund”) and the assets of the Fund will vary from those of Cook Properties.
B. All references, if any, to net investment returns reflect returns on an investment-by-investment basis. There can be no assurance that unrealized investments will be realized at the valuations used to calculate the net investment returns contained herein and transaction costs connected with such realizations remain unknown and, therefore, are not factored into the calculations.
C. Unless otherwise stated, all financial information provided herein is unaudited.
D. Any reference to a targeted or projected NOI, cash flow, annual return, IRR, or multiple of invested capital contained in is merely an estimated “target” and inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those predicted or anticipated. While the targeted performance is based on assumptions that the general partner believes are reasonable, the actual returns will depend on a very broad range of factors applicable to individual investments. There are risk factors that could cause certain assumptions to prove to be incorrect, which may include, without limitation: (i) changes in government policies and government activities in the debt markets; (ii) changes in interest rates; and (iii) economic and market conditions. No assurance, representation or warranty is made by any person that any targeted returns will be achieved, and no recipient of this document should rely on such targets.
E. The summaries of various investments are intended to be a brief summary of certain key terms and does not contain all material information regarding these investments. Additional information regarding these potential investments is available upon request.
F. There can be no assurance that any potential transaction will be consummated or, if consummated, the terms on which such transaction will be consummated, until the final execution of the investment documents.
G. Past performance of investments made by persons affiliated with the Fund is not indicative of future results and there can be no assurance that the Fund will achieve results that are comparable to any prior investment described herein.

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