Mobile Home Park
Norfolk, VA
In June 2024, the Keel Team and investment partners purchased a 49-lot mobile home park in Norfolk, VA for $2,050,000.00.
Original Acquisition Price
June 24, 2024
Equity
Initial Cash Investment
Improvement
Summary
Through improvement initiatives such as: infilling vacant pads, road surface upgrades, modest lot rent increases, and others, we were able to improve the park’s operations, increase NOI, and achieve a significant value increase. The financial results of these efforts are summarized below:
Debt
Collateral
Recourse debt for both general partners only (no limited partner investors signed on the recourse debt).
Payout
Cash flow distribution
In December 2024, the first cash flow distribution was $49,606.80.
Capital
Cash out refinancing event
On October 26th, 2026 the first refinancing event occurred.
Refinancing
Event
Investor Distributions
The partnership received $925,500.00 from the refinancing event. The new debt is non-recourse, agency debt.
*No LP investors were required to sign on the recourse debt.
10% Preferred Distributions Paid Quarterly
Starting in Month 6
- December 2024: $49,606.80
- March 2025: $23,137.50
- June 2025: $23,137.50
- September 2025: $23,137.50
- December 2025: $23,137.50
- March 2026: $23,137.50
- June 2026: $23,137.50
- October 2026: $31,364.19
- Total Preferred Distributions Paid to Investors: $219,795.99
Capital
Summary
- $219,795.99 - 10% Preferred Return Distributions
- $925,500.00 - Cash Out Refinancing Distribution
- $1,145,295.99 - Total Distributions
- $925,500.00 - Initial Equity Investment
- $219,795.99 - Total Return on Capital
Timeframe
- 28.06 Months = 2.34 Years
ROI
- 10.15% - Annualized cash-on-cash ROI for the partnership
*And the LP investors stay in the deal after the refinance for infinite returns.
Future Potential ROI Opportunities
Infinite Returns
Infinite returns since all of the original equity investment has been returned, yet we still own the mobile home park.
Refinance
Additional supplemental loan available 12 months after refi (possible additional future returns per refinance loan terms).
Savings
Forced savings of approximately $1,508,000.00 due to the equity remaining in the property after the October 2026 refinancing event.
*Based on refinance appraisal values.
Appreciation
Additional potential equity appreciation as the trailer park continues to increase in value.
Interested in learning more?
Get in touch with us today to learn more about mobile home park investing!
LEGAL DISCLOSURE: All investment offerings have a high degree of risk. Results may vary. Past performance is not a guarantee of future success.
