Firelands Manor

Our largest transaction is located in Ohio and Iowa, where we closed on a 1,015 space nine-park portfolio! The Seller knew of Eli’s reputation through a broker in the industry and reached out to our acquisition team directly to offer this complex transaction. We acquired the portfolio before it was bid- up on the open market at an attractive basis of $39,200 per space (total price of $39.8M). In addition, we acquired over 230 park-owned homes in the transaction.

Six of the parks are located in North-central Ohio, within a two-hour drive of where chip manufacturer Intel has said will be “the largest silicon manufacturing location on the planet!” Although the properties are located in suburban and rural markets, each location demonstrates a strong demand for affordable housing. The other three parks are located next to each other in West Burlington, Iowa, which is situated along the Des Moines River bordering Illinois. These three parks are operated as one park for greater efficiency.

The seller of the portfolio has been a long-term owner but was not capitalized to optimize the assets. For example, the seller has not brought in new homes to the parks since the 2008 financial crash. Our business plan is to quickly address deferred maintenance issues, which consist primarily of roads and trees. We also plan to quickly bring in new homes to fill the vacant spaces and sell the park-owned homes to the tenants, further reducing the operational expenses.