Bloomington – November 30, 2018 – Abington Emerson successfully closed the sale of Southcrest Mobile Home Park (“Southcrest”) in Bloomington, Indiana. Southcrest was acquired as a value-add investment in 2016. At the time of acquisition, the property suffered from financial delinquencies and deferred maintenance issues. Under Abington Emerson’s ownership, Southcrest was improved, enjoyed high occupancy rates, always looked well maintained and generated stable cash flows.
Abington Emerson started evaluating various exit strategies for the property in summer 2018 and, consequently, sold the mobile home park portion of Southcrest to a portfolio buyer from in Q4 2018. The sale allowed Abington Emerson to realize substantial returns for its investors in ra elatively short period of time.