Investor buys mobile home park
BETHANY — A Denver investor under the name Stonetown Council Road LLC has bought Council Road Mobile Home Park, 8162 NW 44, paying the Iowa seller $920,000, in a deal handled by Keith Wilson of Keith Wilson Co. in Edmond.
The property was 93 percent occupied. Fourteen park-owned mobile homes, renting for $475 per month on average, were acquired, in addition to 48 pads renting for $230 per month. Chicago Title in Denver closed the transaction. Stonetown already owned several mobile home parks in the Oklahoma City area.
“Council Road is one of the better noninstitutional type mobile home parks in the Oklahoma City metro. It has always maintained high occupancy, the tenants pay all utilities and it is a nice, clean wooded site in the northwest quadrant. It is the type of park many buyers are looking for,” Wilson said.
Housing agency OKs tax credits
Oklahoma Housing Finance Agency's Board of Trustees approved reservations of Affordable Housing Tax Credits to build or rehabilitate affordable housing at a recent meeting. The agency is the state's tax-allocating agency for such tax credits.
The following developers received a reservation of tax credits. The amount listed is received each year for the first 10 years of a project's operating period. For example, a $500,000 reservation results in a total tax credit award of $5 million.
• Broken Arrow: $655,000 reserved for Hartford Villas LP to build 60 apartments for the elderly called Hartford Villas.
• Noble: $440,521 reserved for Carland Group LLC to build 36 units (18 duplexes) for the elderly called Rose Rock Cottages.
• Norman: $670,138 reserved for Bocage to build 58 apartments for the elderly called Bocage.
• Pauls Valley: $352,163 reserved for Apple Ridge Seniors LLC to build 20 units (10 duplexes) for the elderly called Apple Ridge Seniors.
• Stilwell: $474,309 reserved for Stilwell Housing Partners II LP to build 24 single-family homes in StoneBrook Park of Stillwell Phase II.
• Tahlequah: $339,168 reserved for Mission Village of Tahlequah LLC to build 24 apartments for the elderly to be known as Mission Village of Tahlequah.
• Tishomingo and Antlers: $490,815 reserved for Oakmont Family Housing LP to buy and rehabilitate 24 apartments called Oakmont Estates I in Tishomingo and 36 apartments called Oakmont Estates II in Antlers.
• Tulsa: $506,991 reserved for Brookhollow Landing LP to build 40 apartments for the elderly called Brookhollow Landing.
• Wagoner: $690,251 reserved for Yorkshire Place LP to buy and rehabilitate 96 apartments called Yorkshire Place.