Team-
I am looking to assign 2 stabilized parks totaling 90 pads in the Norwalk, OH metro about 40 minutes from each other. We have complete due diligence and want to provide white glove service for any investor interested in parks in this market. My firm has done everything from market research, checking infrastructure with professional camera scoping, lining up financing with a local community bank, developing relationships with a home manufacturer, construction budgeting with professional bids, and in-depth park valuation.
The parks are both on city water and waste water treatment plant. We have done extensive research on the plants, everything from speaking with the EPA regulators and the professional companies that service both plants, and even calling out a WWTP engineer who owns parks & designs plants to confirm they are in great working order. He confirmed they are in great shape; we can provide documents and get investors on a call with him to discuss. One park’s plant is 10 years old with a new blower and motor placed last year. It is a newer style plant created by one of Ohio’s top plant manufacturers Mack Industries. It treats for effluent parameters such as BOD, suspended solids, nitrogen, phosphorous, dissolved oxygen, chlorine residual, coliform levels, and many others effluent limitations are addressed. Essentially everything that keeps the EPA very happy. The other is 30 years old, which sounds scary, but it has had significant improvements made along the way. Including a new base support system added in 1997, and both blower and motor replaced in 2017.
The park manager is also an absolute rockstar and is in the process of obtaining her Class A sewer operator license. She knows the system inside and out and has been with the park for 5 years. She finished all of her course work and is lined up to take her final exam. This will significantly reduce the WWTP operating costs as she can do the testing herself. I can’t cover everything on the WWTP in this post, but just want to show both are in great shape.
Both parks are being purchased at above a 10% cap and provide scale in the Norwalk, Ohio market. My firm has never done a park assignment before as we typically only pursue parks we want to add to our portfolio. We are quite busy with a new park development in Pennsylvania and thus cannot move forward on these 2 parks. That being the case, I do not want to do a typical park assignment where we add no value and just sell deals, I’d like to walk any investor step by step through these deal through completion and be available for advisory.
We are under contract with 1 park with closing occurring on January 10th and the other occurring on February 6th. We understand with the holidays approaching everyone is busy, but rest assured my firm will work with an investor 24/7 on these deals and we have already done 99% of the work.
I look forward to hearing from those who have interest.
Ravi Desai
973.251.7387