Sign In
Upcoming Event
Free Newsletter
Cook Properties now owns state’s largest manufactured home portfolio
Cook Properties now owns state’s largest manufactured home portfolio
Listen to this article
Cook Properties has become the largest owner/operator of manufactured housing communities in New York after the acquisition of a 54-park portfolio from Caledonia-based Affordable Great Locations.
The purchase, which includes 2,300 pads, is a joint venture partnership with Waterfall Asset Management and was secured by a $69.5 million Fannie Mae Credit Facility loan.
“This is a significant acquisition for Cook Properties as we accelerate our growth in the Manufactured Housing Community space,” Max Dowd, director of acquisitions, said in a news release. “It’s not often we see opportunities of this size in our backyard. Given the quality and location of these parks, they will fold seamlessly into our current portfolio.”
The addition of Affordable Great Locations employees will more than double the Cook Properties staff, pushing the total to 125.
The joint venture is the “first of many opportunities with Cook Properties,” said Patti Unti, managing director at Waterfall Asset Management.
Cook Properties also recently purchased 50 Airpark Dr., a 30,000-square-foot flex building adjacent to its headquarters at 90 Airpark Dr., just off Scottsville Road.
“Becoming the #1 owner and operator of MHCs in New York State is an exciting milestone for us,” managing general partner and CEO Jeff Cook said. “We take pride in playing a major role to support safe and affordable housing efforts in New York State. This acquisition serves as a springboard as we now turn our attention to new development opportunities.”
[email protected]/(585) 653-4020
"
