Iron Horse Interests specializes in transforming under-performing land-lease communities into high-performing, long-term, revenue-generating investments in the southeastern United States.
Our strategy begins with identifying under-performing and under-developed manufactured home communities in markets with high barriers to entry. We have the expertise to navigate the complexities of purchasing and repositioning land lease communities where we then create vibrant, affordable communities for working families and retirees.
Iron Horse Interests, LLC leverages the out-sourcing concept by maintaining a small team that is augmented by specialists at each project location and contracted support staff. Personnel are brought into each project as-needed and when-needed to ensure the best team can be assembled.
Paul Chase has over 30 years of experience in commercial real estate. His company provided the Dayton Hudson Corporation with land assemblage, acquisition and development services for five Target “Power Centers” across Georgia and North Carolina. He has developed over 2 million square feet of retail space for both regional and national chains including Publix Supermarkets, BI-LO, Hannaford Supermarkets, Kohl’s, Marshall’s, Belk, Barnes and Noble and PetSmart.
Paul founded Iron Horse Properties, LLC. in 2004. His first successful project was South Forsyth Manufactured Home Park. The park now boasts a 100% occupancy rate.
In 2009, Paul completed construction of his first self-storage facility in Smryna, GA.; Iron Horse Self-Storage on time and under budget. He has been involved in all aspects of the business from site selection and obtaining the construction financing through to the current lease up phase with a 91-92% occupancy rate. The property has seen improved occupancy rates for the last 44 months and is currently generating a positive cash flow.
Early in 2011, he acquired Pine Lake Manufactured Home Community in Douglasville, GA., managed the infrastructure improvements and ultimately sold his interest to the equity partners. At the time of purchase, the community had a pad occupancy of just under 33%. Following the strategy designed by Iron Horse, the equity partners have established a lease-to-purchase program and the community has very few current vacancies.
In 2014, he acquired Coweta Hills Manufactured Home Community. The community had only 20 permanently installed manufactured homes and 130 empty lots. After completing the infrastructure improvements, Iron Horse developed a branding and marketing strategy for the property of a quiet, front-porch community. Iron Horse was approached by Inspire Communities to purchase the property and has continued the original vision and is in the process of fully leasing-up the community.
Combined with the lease-to-purchase home ownership program he has developed, Paul and Iron Horse Properties have turned previously under-performing land-lease properties into highly desirable communities with waiting lists of potential residents.
Iron Horse Properties stands ready to leverage the current downturn in real estate prices and the lack of affordable housing in the region into a long-term revenue stream for its investors. We have identified a somewhat niche product and have completed several successful projects. Currently, inventories of available land-lease communities are fairly high which provides an even greater opportunity to ensure better than average long-term yields on our investments.
Paul is a graduate of the University of Georgia.
Ed Barber brings over 30 years of finance, acquisition and development experience to the Iron Horse Properties, Southeast team. He has worked on commercial and residential projects both domestically and internationally and brings specific expertise in strategic planning, capital procurement, financing, acquisition, investment, development and implementation of real estate solutions.
In 1997, he founded CRE Services, a private real estate consulting firm which specializes in capital placement, asset management and real estate consulting services. CRE Services has managed the development of a variety of projects including a $48 million Level 4 Data Center, the development of an upscale subdivision with multi-million dollar homes, the $32 million world headquarters for Equifax and the $44 million development of Buckhead Church.
Between 2006 and 2011, Ed managed the valuation and restructuring of Lubert-Adler Partners’ complex, multi-state resort residential and land portfolio with a valuation in excess of $1 billion. He also analyzed and managed the due diligence and the investment of several multi-family residential projects across the southeast.
From 2012 until 2017, he served as asset manager to master-plan, develop and sell land parcels where there will be $150 million of further development, including the construction of four multi-family apartment complexes in Orlando, Florida.
He assisted SR Homes with the acquisition of property and capital for the development of several residential communities in the Atlanta area between 2014 and 2016.
Ed currently serves as a Director of the Global Orphan Project, is a member of the Board of Directors of the Jamaica Boilers Group (a $350M publicly traded company based in Kingston, Jamaica) and helped found the Buckhead Church in Atlanta. He is currently serving as the treasurer of the Genesis Innovation Academy Board of Trustees, a start-up Georgia-state Charter School that will open in August 2017.
Edward earned his CPA certificate in 1981, retains a Georgia Real Estate Broker’s license and previously held a Series 7 and Series 63 Securities License. He is also a graduate of the University of Georgia. He completed three marathons and successfully climbed Mt. Kilimanjaro in 2006.
Lewis David Whitley is a third-generation manufactured home community owner and operator. His background includes both manufactured home communities and the management of self-storage facilities. He founded his first company in 2007.
Previously, Lewis was the Director of Park Management for RWW Enterprises, Inc. Their portfolio includes 10 manufactured home parks with over 500 total lots and is the 105th largest manufactured home park owner, according to Manufactured Home University’s latest report. As Director of Park Management, the company expanded their portfolio of communities with the development of a 33-lot community and acquisitions while the self-storage portfolio doubled from 300 to 600 units.
Since early 2017, Lewis has been the Director of Operations for Iron Horse Interests, LLC. His areas of responsibilities include personnel management, community relations, and overseeing operations for the infill of a 355 lot community in Clarksville, TN while pursuing new projects.
Separately, Lewis continues to own and operates a 19 lot community in North Carolina with his brother.
Lewis is a graduate of the University of Mississippi with a double major in Banking Finance and Real Estate with a minor in Entrepreneurship.
Amy became on-site property manager for the Belleglade MHC in 2017. Before coming to Belleglade, Amy was the office coordinator for a 243-lot manufactured home community in Clarksville, TN.
Amy’s background includes auditing government contracts (at the state and federal level), management of an Advance America store and a general manager for Titlemax.
Amy has an extensive background in accounting, finance, title loans and personnel management.
Laura Garrison is a property management accountant and has been working with Iron Horse Properties, LLC since early 2018. She has over 15 years experience in financial statement preparation and specializes in accounts payable and receivable.
She has a BBA in Business Administration from Florida State University.
Erick is the youngest member of the team, and has been involved in the Real Estate industry for 5 years. His background includes Managing of diverse portfolios, ranging from Manufactured homes to Single/Multi-Family homes. He founded his first property management company, Mr. Properties LLC, in early 2016 and is involved with Property acquisitions and sales for a variety of Real Estate portfolios held by private investors. Mr. Properties LLC, currently manages a group of portfolios of around 100 properties, with 50 single family homes, 25 manufactured homes, and 25 multi-family units. Erick owns two single family homes that he currently has rented. He has experience with bookkeeping, financials, investing, property managing, and portfolio consulting.
Erick has been the operations manager for Iron Horse Interest, since late 2018. He understands the potential in the manufactured home business, and this is now his main focus.
Erick is a graduate of Kennesaw State University with a BBA in Finance.
Manufactured Home Community that we acquired in April 2017, and at the time only 156 out of community total of 355 lots and is currently about 192 lots occupied. We have made many improvements including implementing professional management and continue delivering new homes and sell/lease-option about 3 homes a month. We plan on achieving 100% occupancy within the next 2-3 years.
Fully occupied Luxury Manufactured Home community with 150 pads, located about 30 minutes from the Atlanta Airport. We acquired this community in November 2013 and within a couple of years, we improved Management efficiencies, and brought in many new homes. This community was then sold to Inspire Communities in July 2015 for a handsome profit.
Manufactured Home Community with a total of 200 lots that are currently fully occupied. After acquisition of community in 2011, we realized a need for new homes, and improvement of management. We were able to improve these items and sold in 2013.
Fully Occupied Manufactured Home Community with a total of 25 pads. This community was poorly managed when we acquired, and have increased efficiencies, updated some of the homes, and now we currently manage this community with a continues 100% occupancy. We currently own all the land shown in the picture and there is future development opportunities.