SMITTY’S MOBILE HOME PARK

820 South Pine Avenue

Hastings, NE 68901

Park Avenue Partners Fund 1, LLC acquired Smitty’s Mobile Home Park February 20th, 2020 in an all-cash, off-market transaction. It is an all-ages community of 266 pads on all-city utilities and has 147 paying tenants (55% occupied). Virtually all of the occupied homes are resident-owned, approximately 10% are double wides. We will be bringing in additional new and used mobile homes as well. We paid an 8% cap. rate. Smitty’s is in a strong market in the Midwest - Hastings, NE - where the average house price is $125,000, the average household income is $47,000, and the nearest Super Walmart is 4.5 miles away. This property has been under-managed by a classic ‘mom-n-pop’ family for three generations, and has significant upside from infilling vacant lots with new and used homes, billing for water, and lot rent increases. We’ll be able to make Smitty’s a nicer community for its existing residents and add significantly to Hasting’s affordable housing stock.