DANBURY, Conn., July 10, 2007 (PRIME NEWSWIRE) -- Athena Real Estate, an investment and advisory firm focused on specialty niches, including manufactured housing communities, RV parks and self-storage facilities, has acquired Cedar Park Estates, a 160-site manufactured housing community, located in Harrisburg, North Carolina (in Charlotte MSA), for $2.8 million.
The acquisition is Athena's first Charlotte area investment, and was completed through a recently formed multi-property joint venture with a large institutional investor. The first mortgage debt was provided by a subsidiary of AIG Global Investments, who was advised by Onyx Capital.
According to Richard J. O'Brien, Chief Executive Officer & Founder of Athena Real Estate, "Cedar Park will be the first of many properties to be acquired through this new venture, which has great growth potential and will allow us to complete single-asset and portfolio acquisitions across our niche collateral types."
"We specifically targeted the Charlotte market because of the area's strong demographic and economic trends. With such trends, we believe we are well positioned to improve occupancy at Cedar Park, which currently has 130-occupied sites."
O'Brien added that Athena is aggressively seeking additional acquisitions in the Charlotte area and throughout the Carolinas, including Raleigh-Durham, Myrtle Beach, Charleston, and Columbia.
About Athena Real Estate
Athena Real Estate, LLC (www.AthenaRealEstate.com) is a real estate investment and advisory firm focused on specialty collateral niches, including manufactured housing communities, RV parks, and self storage facilities. The Company's operating philosophy is to obtain premium returns by acquiring niche property types where focused management can provide a competitive advantage. Athena is seeking additional acquisitions of manufactured housing communities, RV parks, and self storage facilities on the East Coast (from Florida to Maine). Athena was founded by Richard O'Brien, who is a former executive of a mid-cap public REIT and a large real estate financial services and investment company.