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Palace Way LP (“PW”, or the “Company”), began operations on July 23, 2019 with the purpose of investing in Opportunity Zone real estate development, income producing properties primarily in areas of mobile home parks (“MHP”), light industry business parks and multi-family properties. The Company’s legal structure was formed as a limited partnership (LP) under the laws of the State of Delaware on July 23, 2019. The General Partner of the Company is Palace Way Management LLC (the “GP”) and the individual managers are Jim E. Glasgow and David Joyner.What are Opportunity Zones?
Opportunity Zones are census tracked generally composed of economically distressed communities that qualify for the Opportunity Zone program, according to criteria outlined in 2017’s Tax Cuts and Jobs Act.
The innovations of the Opportunity Zones program offer substantial potential to help lift economically distressed communities in pinpointed ways using a market-based approach. Investors have the power not only to transform thousands of census tracts across the U.S., they also can access numerous capital gains tax incentives if they stay within the guidelines of the Opportunity Zone program.(according to fundrise.com) The Company will seek to acquire and manage these real estate assets with the intention of providing participating investors with a real estate focused investment opportunity that combines income, principal investment growth, and elements of capital preservation and securitization.
PW’s focus is creating and maintaining investor wealth through local alternative real estate investment strategies. The management team’s collective abilities provide an advantage over investing individually by allowing us to quickly and efficiently address any real estate management issues. The Company’s ability to invest with aggregated capital also provides an advantage over investing individually. Over the years, the GP has seen extreme market fluctuations; because of this, Palace Way Management LLC is always researching market trends to develop strategies allowing us to mitigate this volatility and reduce its negative effects on investors. This experience has also better positioned the GP to take advantage of opportunities presented in such times of uncertainty. This proactive approach sets Palace Way LP apart from the competition.
The Project: Development of a new Class “A” Mobile Home Park (MHP) in the State of Texas Austin/San Marcos metropolitan area. The MHP will be a 250 spaces. Development will be in 3-stages. Stage one, will be 100 spaces and contain the parks basic infrastructure of office space, signage, and residence common area facilities. Stage 2 and 3 will contain 75 spaces each to be constructed as the park leases up the space from the prior stage of construction. Expansion beyond 250 spaces will depend on availability of land, financing and demand. See park development in the PPM.
Limited Supply of Mobile Home Parks: Market conditions, high cost of entry level new homes and changing demographics has created a unique opportunity for the development of mobile home parks. Well maintained MH-Parks located near major metropolitan areas are at or near 100% occupancy.
There is a limited (and declining) number of mobile home parks in the country, cities have not granted very many new MHPs the needed zoning since the 1990s. Plus, the current supply of MHPs is in decline due to conversion of existing parks to alternative land uses, and rezoning by some cities that stops the expansion of existing parks, these events have reduced the number of existing parks.
Market forces: Creating new opportunity. Higher new home construction cost combined with increasing cost of taxes and insurance have made new homes unaffordable for a lot of Americans. Many older Americans in searching out affordable alternatives to apartment living and home ownership maintenance consider Mobile Homes. Mobile home parks can provide a solution to the housing affordability issue. Because of demographic changes cities are struggling in their efforts to promote affordable housing, and some are more inclined to approve mobile home park zoning on a limited basis. Along with the willingness of mobile home manufactures to work with park owners to help fill the spaces. Lending programs are available for both development and for home purchasers.
Land Ownership/Rental Structure Makes MHP Unique: Palace Way Partners will own the land / infrastructure and rent lot spaces to tenants and, in some cases, the park will purchase new mobile homes to rent or sell on park financed terms.
This land lease park structure gives Us:
High Cost of Relocating Homes: It costs from $3,500-$15,000 for a homeowner to move and reinstall their home in another location. That fact reduces turnover of lot renters. This provides the park with the opportunity to raise rents.
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.
James E Glasgow has 34 years Real Estate investing experience as well as 28 years as owner operator of several businesses. His Real Estate experience includes residential properties, Mobile homes, commercial properties, development, and owner finance investing, remodeling, construction and business management.
Mr. Glasgow's expertise is to take under-performing properties make the necessary changes and investment to increase the monthly rental income and net cash flow to increase the property's resale value.
Since 2010 he has been a full time real estate investor and instructor. Jim is the Author of the book “How I Made Millions in Real Estate and How You Can Too” as well as other real estate related books.
Licensed Real Estate State of Texas #0644440.
Dr. David Joyner is a registered professional engineer and principal engineer of the Trinity Group. His specialty is professional civil & structural engineering as well as commercial building construction. Dr. Joyner has over 19 years’ experience in the engineering and construction industry and has maintained an engineering and development practice since 1993. Between 1987 and 1993, Dr. Joyner held the position of Vice President for Land Development for a Real Estate Developer in Central Florida. He has been involved in the development of over twenty single family and multi-use real estate tracts in Florida and Texas. He has experience with the engineering work for mobile home parks.
Dr. Joyner holds a doctorate of finance degree.
- according to www.marketwatch.com
Minimum Offering: $1,000,000
Minimum Subscription: $10,000 (10,000 Units)
Palace Way LP (the “Company” or “PW”), a Delaware Company, is offering a minimum of 1,000,000 and a maximum of 15,000,000 Limited Partnership Units for $1.00 per unit
Please complete the contact form and we will get back to you about any questions you have about our offering.
Palace Way LP - 6531 Fax Run - San Antonio 78233, US — firstname.lastname@example.org — (510) 413-7230
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