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Posted: November 2, 2021
Cook Properties closes $26 million private real estate equity fund
Rochester, NY Cook Properties has closed “Cook Properties Fund 20,” a $26 million private real estate equity fund. The fund acquired 12 mobile home parks consisting of 1,500 sites in the state. The fund is targeting stable double-digit returns through the operation of the mobile home parks. Cook Properties closed on the last six mobile home parks on October 15, 2021. The parks consist of 700 pads in Central Upstate N.Y.
“We are very excited to complete another purchase in our home state of New York. We continue to find great deals while navigating the blue waters of NYS. These properties have a significant amount of upside through in fill and management efficiencies”, said CEO Jeffrey Cook.
Since Jan 1, 2021, Cook Properties has closed on 11 mobile home parks and storage facility properties totaling $57 million.
“We have had a record year. Our team at Cook Properties has been very busy folding the new properties into our operations. Due to our current and future acquisitions, we have hired several new property managers and senior level staff. We are ready to go and positioned for continued planned growth. We have another $121 million of mobile home parks under contract that we plan to close by years end,” said Cook.
Cook Properties’ portfolio consists of mobile home parks, storage facilities, apartments, office and retail buildings. The mobile home park portfolio consists of 40 communities with 4,000 pads. Their retail/office properties measure 220,000 s/f and they operate three storage facilities with 500 units.
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