LAS VEGAS, Aug. 23, 2023 /PRNewswire/ — We are extremely pleased to share with you that Patriot has successfully completed the sale of its 8 Mobile Home Community Portfolio in the Pittsburgh, PA metro area for $22M, resulting in exceptional returns for investors and 29.77% IRR (investor level) over the lifetime of the investment.
The Patriot Opportunity Fund (Fund I) acquired and operated the assets:
- 8 Mobile Home Communities, located in Pennsylvania.
- 513 Lots sold for $42,885/Lot
- Closing Date: July 14th, 2023
The sale has generated $2.886M in profits for investors, a 29.77% IRR and a 1.73x Equity Multiple on the 3 Year and 2 months hold period. An additional $4.262M of capital was returned to investors.
- Total Cost Basis: $13,096,173
- Total Value Upon Exit (3 years and 2 months): $22,000,000
- Project Level Profit: $7,895,283
- Investor Capital Returned: $4,262,696
- Profit Distributed To Investors: $2,886,864
- Investor Equity Multiple (MOIC): 1.73x
- Investor Level IRR: 29.77%
The assets were acquired by Fund I in 2020 & 2021 for $13.096M.
Over the 3 years and 2 months of ownership, our operations team drove revenue growth and asset enhancement and executed our original business plan leading to the increase in value.
We believe this is the right time to sell these assets as we have maximized their value via our operational plan and because we received a strong offer to sell all eight assets to the same buyer.
We are extremely pleased with this result, and to date, Fund I has exceeded our initial investor return projections; we reached our 5-year goals for projected asset values in just over 3 years. We anticipate successfully exiting the remaining assets in Fund I by year-end.
Please contact our investor relations team to learn more about our Self-Storage and Mobile Home Communities investments via our Funds.
We have a limited opening in Fund III and Fund IV. Please secure your commitment while the investment is open.
If you would like to discuss these funds in more detail or have any questions, please contact our investor relations team via our website www.patriotholdings.com.
To invest or learn more about our current offerings, visit our Investor Portal here.
SOURCE Patriot Holdings