ARLINGTON, Texas, June 1 /PRNewswire/ -- Today the Patterson PK Land Partnership made history in announcing that the Possum Kingdom sale will close and the lakefront property leases will transfer from the Brazos River Authority to the PPKLP on September 15. This will mark the successful conclusion of a year-long process and marks the first time a government-owned lake has sold the lake property leases to private investors.
"One year ago we promised the people of Possum Kingdom Lake that we would engage in the fairest and most effective process to help transition the lake front properties from government ownership to private owners," said Mike Patterson, Managing Partner of Patterson PK Land Partnership. "Now that the sale is approaching closing, we will continue to engage the homeowners and give them options ranging from buying their land to continuing to lease it. We will be good stewards of this project."
Last year, the Brazos River Authority accepted a $52 million bid from Patterson PK Land Partnership. Under the terms of the sale, 1,516 residential leaseholders and 19 business owners will be allowed to buy the land their property sits on or re-lease it. The cost will be based on the land's 2008 assessed value.
And Patterson added that he believes that other government entities should look at privatizing their real estate as well. "If this can be done at Possum Kingdom, it can be done anywhere," he added. "This is a win-win for everyone—the leaseholders, the taxpayers and the local economy."
Patterson PK Land Partnership is a subsidiary of Patterson Equity Partners (PEP). PEP assists government entities in the divestiture of leasehold property. Created in 2009, PEP has developed a business model where it purchases land from the government and then sells it back to the leaseholders. Possum Kingdom is the first successful project; PEP is currently looking at other divestiture opportunities.
SOURCE Patterson PK Land Partnership