Mobile Home Park
Chicago, IL - MSA
In December 2017, the Keel Team and investment partners purchased a 112 lot mobile home park in Indiana near Chicago, IL.
Original Acquisition Price
December 15, 2017
Initial Cash Investment
On Month 23 Of Ownership
Through improvement initiatives such as: filling vacant pads, removing run down homes, converting utility payment from park paid to tenant paid, modest lot rent increases, and others, we were able to improve the park operations, increase NOI, and achieve a significant value increase. The financial results of these efforts are summarized below:
Recourse debt for both partners.
Cash flow distribution
The first cash flow distribution was $98,500.
Cash out refinancing event
On March 25th, 2020 the first refinancing event occurred.
Investors received $894,355.67 from the refinancing event.
Investors received $98,500.00 from the preferred distributions. The new debt is recourse.
Future Potential ROI Opportunities
Infinite returns since all of the original equity investment has been returned, yet we still own the MHP.
Forced savings of approximately $440,000 due to the equity remaining in the property after the March 2020 refinancing event.
Additional potential equity appreciation as the MHP continues to increase in value.
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LEGAL DISCLOSURE: All investment offerings have a high degree of risk. Results may vary. Past performance is not a guarantee of future success.