Forrest Street Partners (FSP) has acquired a 255-site manufactured home community (MHC) in Little Rock, Arkansas.
Southern Pines is the company’s first park in Arkansas, moving the company’s expansion further west, according to a press release.
Southern Pines is located in the Cloverdale area, just south of Interstate 30, less than 10 miles from downtown Little Rock and Clinton National Airport.
“The Little Rock market shows signs of steady growth and has a real need for alternative affordable housing options such as mobile home communities. Occupancy levels in the MSA are high, and we have fielded many calls from prospective tenants in the short time we have owned the park. We intend to improve the park on many levels and look forward to filling housing needs in the Cloverdale area of Little Rock for the foreseeable future,” Todd Baldree, partner at Forrest Street, said.
The park currently has tenants occupying 181 of the 255 sites. FSP plans to asphalt all roads in the MHC, upgrade the office and mail kiosk, pressure wash, and re-skirt homes that need updates while adding up to 40 new homes.
There are also plans to fill some of the lots with long-term RV customers working in the area.
“Work has already begun on the park, with paving improvements underway and office and mailbox improvements starting before the end of January,” said Baldree.
FSP is looking into updating signage and upgrading the park’s branding within the first of couple months. Per Baldree, “We want to bring this park up to our standards and deliver a great community to our customers – a place that they are proud to call home.”
About Forrest Street Partners
Forrest Street Partners is a boutique real estate investment firm. Headquartered in Roswell, Ga., the firm focuses on identifying, repositioning, and operating RV parks, manufactured home communities, and retail properties across the Southeast. The entrepreneurial team seeks value-add opportunities to provide investors elevated returns by leveraging progressive thinking, collaborative decision-making, a curated network of resources, and varied individual backgrounds. The Forrest Street team has decades of experience in lending, acquisitions, construction, repositioning, sales, and leasing. Find more information at https://forrest-street.com/.