Forrest Street Partners Buys Atlanta-Area MHC, RV Community
- Jul 20, 2021
Forrest Street Partners has purchased Riverside Estates, a 307-site manufactured home and RV resort in Covington, Ga. According to public records, the property traded for $8.2 million, while Southern States Bank originated a $7 million acquisition loan for the new owner, with a maturity date set for 2026.
Located at 1891 Access Road, the community is adjacent to Interstate 20 and close to several retail and dining options. Downtown Atlanta is less than 32 miles west. The property features 170 RV sites and 135 manufactured home sites, as well as common-area amenities such as a clubhouse, pool and playground.
Forrest Street Partners intends to implement significant improvements at the asset such as asphalt the roads in the manufactured home park, pressure wash and re-skirt homes that need updates, and add 20 new homes. For the RV portion, upgrades will consist of a revamped electrical system, new cable and internet, road and site upgrades, but also refurbishing the pool, clubhouse and bathhouse. In addition, the new owner will rebrand and rename the community in the following months.
According to Reece Stead, partner at Forrest Street Partners, the Atlanta metro area is underserved in terms of RVs and manufactured homes. Covington, in particular, is adding several new residential, retail, office and industrial developments, and this growth translates into a high need for workforce housing, he added.