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Midwest Park Capital Fund 1 LLC (“Midwest Park Capital Fund”, the “Company” or the “Fund”), began operations on April 23, 2020 with the purpose of purchasing mobile home communities and mobile home parks and engaging in the rehabilitation and resale of such assets throughout the United States. The Fund’s legal structure was formed as a limited liability company (LLC) under the laws of the State of Delaware on April 23, 2020. The Fund is managed by Midwest Park Capital LLC and the individual executive managers associated with the Fund are Jonathan Tuttle and Cristian E. Dukes.
The Company’s fundamental investment strategy is to assemble a diversified portfolio of high projected cash-flow mobile home park assets with the goal of delivering capital preservation, consistent quarterly cash-on-cash income paired with equity growth. The Fund expects to achieve this objective by acquiring, then adding-value or repositioning under-valued, mismanaged, sub-performing, or improperly capitalized income producing assets.
- Wall Street Journal
The Fund intends to provide both current income and longer-term projected gain for Fund investors through acquiring and operating a portfolio of income-producing mobile home communities and mobile home parks In the United States, approximately 22 million Americans, (about 1-15 Americans) live in mobile home parks. The market for mobile home parks is highly fragmented with a majority owned by mom and pop owners. The Fund believes there is a strong, growing demand for rental sites in mobile home communities as nearly 60 million Americans need affordable housing. Affordable housing in the United States is in constant demand, regardless of the country being in a high-growth period, when homebuilding lags behind job growth, or during economic downturns. Additionally, job losses or foreclosures increase the demand for rentals and lower-cost affordable housing.
Mr. Tuttle’s experience with income-producing properties, as well as relationships within the industry and third party operators of income producing properties, should enable the Manager to identify favorable acquisition opportunities for the Fund. After a property is acquired, the Manager will evaluate and make capital improvements to infrastructure, as well as common facilities, in order to maximize the projected return from the property.
It is projected that the Fund will structure most of its investments as joint ventures with third party operators. The Fund and the third party operator(s) will form a separate LLC for each property to acquire and operate various properties.
The Fund’s Management team intends to rigorously research and evaluate potential investment opportunities. The Manager’s experience with income-producing properties and relationships with third-party operators should enable the Fund to identify favorable investment opportunities. The Fund anticipates acquiring multiple income-producing properties during the first 3 years after the closing of the initial tranche of this Offering. The general guidelines are as follows:
For each prospective investment in a property, the decision to make an investment will be the sole decision of the Manager entity.
The Company is currently managed by seasoned business and sector professionals dedicated to the success of the Company and efficient execution of its planned operations.
Head of Acquisitions
Jonathan Tuttle has an extensive real estate and manufactured housing background, knowledge, and experience that started very early growing up in a real estate family. His father was a general contractor for over 80 custom-built homes, the owner of 2 real estate offices, and the owner/manager of 3 manufactured housing parks for the last 15 years. 2 of the parks are still currently owned.
Mr. Tuttle was previously the Vice President at Miller Chicago Real Estate, a leading commercial real estate brokerage firm in Chicago.
Before Miller Chicago, he served as the President of the Midwest for Yale Realty and Capital Advisors. Yale is the preeminent manufactured housing brokerage firm in the United States where the team of 5, completed over 2 Billion in closed mobile home park brokerage transactions and park evaluations in this sector.
Jonathan’s reputation in the industry led to him being invited to be a guest speaker at the 2020 Manufactured Housing Institute “MHI” National Congress and Expo at the industry’s biggest national event in Las Vegas.
Jonathan attended the program on negotiation for senior executives at Harvard Law School.
Head of Investor Relations
Cristian began his career working within mortgage banking at Cambridge Realty Capital. There, he specialized in senior living and healthcare facilities, to offer creative real estate financing opportunities and assist with portfolio divestitures. This is where his many years of market research and client investor relations experience began.
After leaving mortgage banking, Cristian joined a private equity consultancy, Stax, Inc. In this position at Stax, Cristian assisted his team with market evaluation and due diligence for several private equity acquisitions totalling approximately $50 million in value. Working with C-suite clients daily helped Cristian to provide data-driven, actionable insights designed to drive growth, enhance profits, increase value, and help his clients make better investment decisions.
Cristian received his B.S. in Finance from the University of the Incarnate Word in San Antonio, Texas.
Minimum Offering: $2,500,000
Minimum Investment: $50,000 (50 Units)
The Company is offering a minimum of 2,500 and a maximum of 10,000 Class A Membership Units at a price of $1,000 per Unit. Upon completion of the Offering between 2,500 and 10,000 Class A Membership Units will be issued.
Distributions of Net Cash Flow, with the exception of the Preferred Return distribution, shall be distributed annually, within forty-five (45) days after the end of each fiscal year. All distributions of Net Operating Cash Flow shall be distributed as follows:
Distributions of net proceeds from the winding up of the Fund’s investment operations and subsequent disposition of Fund assets shall be distributed on the following summarized schedule and subject to the terms of the Operating Agreement:
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Midwest Park Capital Fund 1 LLC - 444 West Lake Street Suite 1700 - Chicago, IL 60606 — firstname.lastname@example.org — (833) 647-3863
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