Denver fund raises $23M to acquire mobile-home parks

DENVER — Mobile-home parks are the investment of choice for a private equity firm based in Denver that has raised $23 million.

BusinessDen reports that Seneca Capital Partners’ first fund — Seneca Capital Income Real Estate Fund I LP — has raised the funds from 100 investors, with plans to acquire mobile-home parks across the country.

The group has so far acquired two properties, in the Dallas and Houston areas.

Seneca intends to launch five additional funds over the next four years, allowing the group to manage properties valued at $600 million to $700 million.