Forrest Street Partners Continues MHC Expansion
The 106-site asset marks the company's first investment south of Atlanta.
Forrest Street Partners has acquired Fernwood Park, a manufactured housing community in Fayetteville, Ga. The property changed hands for $1.8 million, according to Fayette County public records, with Southern States Bank originating a $2.6 million loan—maturing in 2027—to finance the purchase. The acquisition marks the buyer’s fifth investment in the manufactured housing sector and its first one south of Atlanta.
Originally built in the 1970’s, Fernwood Park includes 106 home lots. The new ownership plans to immediately implement a capital improvement strategy at the property, including re-skirting and road improvements, as well as additional homes for the vacant lots and pressure washing the existing homes. Other upgrades are set to include installing new park signage, improving the asset’s common-area amenities and enhancing the landscaping throughout the community.
The mobile home park is currently experiencing high vacancy rates, but the new owner expects the upcoming improvements to increase the property’s occupancy, particularly as all of the other four manufactured housing communities in the county are more than 90 percent occupied.
Forrest Street Partners intends to offer future residents the option to buy or lease, said Partner Brandon Crim in a prepared statement.
Located at 541 Highway 314, the community spans across a 16-acre lot close to Fayetteville Pavilion, close to a shopping center that features retailers like The Home Depot, Target, Walmart and others. Fernwood Park is 3.3 miles from downtown Fayetteville and within 20 miles of downtown Atlanta.
The acquisition is part of the company’s MHC portfolio expansion strategy. Last year, Forrest Street Partners purchased Riverside Estates, a 307-site MHC and RV resort in Covington, Ga., for $8.2 million, as well as Dogwood Blossom, a 78-site manufactured housing asset in Douglasville, Ga.