Phoenix, AZ – Jefferson 16 Partners, LLC announced today that it is the new owner of the 65-lot, Three Flowers Mobile Home Park in Alamogordo, New Mexico.
According to Ken Kurtz, a Phoenix Arizona resident and partner of Jefferson, the park was acquired through foreclosing on a non-performing mortgage note against the property that Jefferson purchased from a private equity group in the latter part of 2014.
Jefferson Partner, Thomas McPherson, also of Phoenix added, “We saw exceptional value in the property and were able to buy the mortgage note at a discount.”
Kurtz says he thinks there is growing demand for mobile home parks. “The stigma of run-down, drug-ridden trailer parks is changing,” he said, “Many residents of Three Flowers are retired and on a fixed incomes.”
He went to say, “Growth is largely driven by retirees with almost no savings and those who have savings are earning almost no interest. Over 10,000 folks a day are turning 65 for the next 19 years and despite the prosperity in this country, nearly 25% of households have incomes under $25,000 a year.”
Stan McNeece, manager for Three Flowers said, “We are delighted to be under new ownership, and Jefferson has already begun funding much needed repairs and improvements. This should definitely increase interest”.
McNeece said the park was about 85% occupied in 2014 but he expects it to be fully leased by the end of the third quarter of 2015. He added,“Three Flowers is a safe, clean community with some of the best rates around. We’re located right off Highway 54 and just south of Highway 70, 50 miles north of El Paso, Texas.”
According to McNeece, the park sits on 7.7 acres near Holloman Air Force Base, which he said gained national attention for conducting missions of the Predator and Reaper drones.
“As a retired vet, I settled in Alamogordo years ago and fell in love with its beauty,” said McNeece, “It has a cosey population of roughly 35,000 and is home to the White Sand Dunes National Park, known for its sugar-white dunes and spectacular sunsets,” he added.
McPherson said Jefferson secured financing for the initial mortgage note acquisition from private investors including entities owned by Kurtz and McPherson.
“Our plan is to secure longer-term financing either from a bank, conduit or private lenders,” said McPherson. “This would be a good portfolio loan for a bank,” Kurtz added, “but we also like working with private money lenders because there is such a demand for better rates of return than from what they’re getting in money markets or CDs.”
About Jefferson 16 Partners, LLC:
Jefferson 16 is an investment vehicle established by Ken Kurtz, President of Aspen Ridge Corporation (http://www.AspenRidgeCorp.com) and Thomas McPherson, manager of Fenix Private Capital Group (http://www.Fenixpcg.com) . Jefferson and its partners continue to seek opportunities in distressed debt, non-performing notes, mobile home parks, storage units and hotels.
For more information, please contact:
Jefferson 16 Partners, LLC
Ken Kurtz or Thomas McPherson
208 West Portland Street, Phoenix, AZ 85003
Stan McNeece, Manager
Three Flowers Mobile Home Park
1906 U.S. 54, Alamagordo, NM 88310