Stonetown Investors Buys 4 Mobile Home Parks; Makeover in Store for Penn Square Mall
- Aug 31, 2012
Stonetown Investors L.L.C. has acquired four mobile home parks in the Oklahoma City area, NewsOK.com reports. The Denver-based company paid $6.8 million for 489 lots and 104 park-owned homes.
The portfolio includes:
- El Reno Estates, located at 1501 S. Rock Island, El Reno; 133 lots, 95 percent occupied;
- Skyview Estates, 1644 E. State Highway 66, El Reno, 88 lots, 95 percent occupied;
- Sunnylane Estates, 17200 S. Sunnylane, Norman; 105 lots, 70 percent occupied;
- Lakeview Terrace, 1200 N Lakeview, Oklahoma City; 163 lots, fully occupied.
Keith Wilson, the Edmond-based broker who arranged the transaction, told NewsOK.com that Stonetown is building up a national portfolio of mobile home parks and was attracted to the Oklahoma City region by dynamic economic trends and relatively low prices. Stonetown believes that Oklahoma City offers the best opportunity for value appreciation in the U.S., Wilson added.
,In other news, OKCbiz reported that Simon Propety Group Inc. is planning an upgrade of Penn Square Mall. Originally an open-air center, the 52-year-old property was later enclosed and underwent its biggest makeover in the late 1980s. The next renovation, which is scheduled for completion next spring, will include a redesign of the entrances, cosmetic upgrades and an expansion of the food court.
Photo Courtesy of: www.simon.com