Realty Mogul announced on Friday (September 26th) that it has successfully funded yet another mobile home park. The crowdfunding platform’s accredited investors contributed more than $2.3 million to acquire an interest in Affordable Housing Community Fund 5, LLC, the eighth fund of this kind that has been offered by MHP Funds, LLC.
CEO of Realty Mogul, Jilliene Helman stated, “This investment marks the continuation of a strong relationship that Realty Mogul has established with MHP Funds, one of the 15 largest mobile home park owners in the country. Realty Mogul helped finance an earlier fund run by MHP Funds, and there was no shortage of investor interest in participating again in this new fund. MHP Funds’ extensive experience in owning and operating mobile home parks makes them a key operating partner for Realty Mogul and our investors.”
“We’ve been delighted to have Realty Mogul join us again as a financing partner for this new fund,” Eric Siragusa, VP and Partner in MHP Funds, explained. “We believe that our stringent acquisition criteria, involving both strong cash flow and a value-add approach to park management, has in the past proven to be a solid business model. Our overall objectives always include a focus on returns to our investors, and we believe that attention at least partly explains why Realty Mogul’s investors responded so well to this fund. With this latest successful raise, Realty Mogul has become one of our key financing partners, and we look forward to continuing the relationship in the future.”
“The new fund already has three transactions under contract that include six mobile home parks located in Indiana, Kentucky, and Wisconsin,” Helman added. “The portfolio of properties will provide diversity among various locations, park sizes, and tenant bases, which should benefit our investors. We’re very pleased to have again partnered with MHP Funds in this latest offering.”
MHP Funds, LLC has a strong track record in mobile home park investing that spans over a decade. Since 2010, it has raised more than $52 million for seven similarly structured funds. MHP Funds has operated over 100 mobile home parks containing over 10,000 lots across 16 different states in the U.S.
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