Cook Properties Acquires 255-pad mobile home park portfolio in the Buffalo, NY MSA
On December 23, Cook Properties acquired the interests in a two-park portfolio consisting of 255 pads in the Buffalo NY MSA. The two parks are located in the towns of Akron and Lockport. “We are very pleased to complete our first purchase west of our Rochester headquarters. These properties, although stabile, still have some upside through filling vacant pads and management efficiencies”, said CEO Jeffrey Cook.
We are anticipating equity returns in the low teens throughout our hold period. Brokerage services were provided by Enon Winkler of Other Street Advisors and financing was arranged by Chris San Jose of Yale Advisors. “Both groups did an excellent job. They delivered great services, said Cook.”
Since Jan 1, 2020, Cook Properties has closed on seven mobile home parks and storage facility properties totaling $46mm. “It has been a very productive year. Although there have been some challenges due to COVID, we have been able to work around them and adjust our operations accordingly. We have another $7mm under contract; scheduled to close in March 2021. We anticipate purchasing another $70mm in parks and storage properties in 2021. 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 28 communities with 2500 pads. Our retail and office properties measure 220,000 SF and we operate 5 storage facilities with 2000 units.
Cook Properties Fund 20 is a newly launched $20mm Private Equity Fund solely focused on purchasing mobile home parks and storage facilities in NY, MA, OH, and PA. The fund offers stable double-digit returns through the purchase of cash flowing properties with measurable upside.
For more information, contact Jeffrey Cook at 585-233-4699 or email firstname.lastname@example.org .