Stone Capital Announces Acquisition of Patriot Place Mobile Home Community

Hubert, North Carolina – Stone Capital is pleased to announce the acquisition of Patriot Place, a 200-lot mobile home community located in Hubert, North Carolina. This newly acquired property will become part of the Stone Cap Premier Fund and marks Stone Capital’s third acquisition in the Jacksonville MSA.

The acquisition of Patriot Place, valued at $5.175 million, includes over 75 acres of property with approved expansion plans that will increase the total lot count to 271. Additionally, the purchase includes 40 park-owned homes, with the option to acquire an additional 23 homes.

“As a stand-alone purchase, there are many reasons to be excited about this property. However, the fact that we own the adjacent sister property, ‘American Way,’ turns this strategic investment into something much greater,” stated Frank Rizzo, co-founder of Stone Capital. “By re-combining both properties, we will not only increase operational efficiencies and provide residents the opportunity to share a full suite of amenities, but both properties, when fully expanded, will offer over 500 lots. This will create one of the largest communities nationwide, providing us with a unique size at an incredible basis to help us offer tremendous value to our potential residents in need of affordable housing options in Onslow County.”

Conversations with the previous owner had been ongoing for nearly a year and the deal was sourced off-market. The team was able to work together to craft creative seller financing terms and they will also be able to take advantage of having their on-site team right next door. “We are looking forward to a smooth transition, execution of our improvement and lease up plans” Partner Pete Falcone added.

North Carolina is the 8th fastest-growing state in the country, and Onslow County is the 11th fastest-growing county in the state.