RealtyMogul.com Crowdfunds Another Mobile Home Park Fund
LOS ANGELES - September 26, 2014 – RealtyMogul.com, the online marketplace for accredited and institutional investors to purchase pre-screened real estate investments, announced today that it has successfully crowdfunded yet another mobile home park fund. RealtyMogul.com’s accredited investors contributed more than $2.3 million through its online crowdfunding platform 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.
“This investment marks the continuation of a strong relationship that RealtyMogul.com has established with MHP Funds, one of the 15 largest mobile home park owners in the country,” said Jilliene Helman, the CEO of RealtyMogul.com. “RealtyMogul.com 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 RealtyMogul.com and our investors.”
“We’ve been delighted to have RealtyMogul.com join us again as a financing partner for this new fund,” said Eric Siragusa, VP and Partner in MHP Funds. “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 RealtyMogul.com's investors responded so well to this fund. With this latest successful raise, RealtyMogul.com 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,” said Ms. Helman. “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.