Happy Home Communities (HHC), the mobile home park and RV park investment arm of Gelt Inc., a Los Angeles-based multifamily real estate investment and asset management firm, has acquired a 201-space mobile home park portfolio in Foley, AL, a city in Baldwin County. HHC acquired the two-property 90 percent occupied portfolio from a private seller for $6.9 million.
“This portfolio offered HHC the opportunity to own and manage two well-maintained communities that are close to local beaches, major tourist destinations and employment centers,” said Ellie Davis, director of acquisitions and asset management for Happy Homes Communities. “Additionally, Baldwin County is one of the fastest-growing regions in the nation. We see this growth as a factor for long-term appreciation and plan to add additional immediate value by infilling vacant sites as well as making enhancements to the properties over the next couple of years.”
Davis added that HHC is seeking to acquire additional mobile home park assets in the greater Gulf area.
Foley is located in Baldwin County, Alabama, which is experiencing a rapidly growing population and offers 60 miles of beach frontage along the Gulf of Mexico. It is strategically located 30 miles from two major metropolitan areas of Mobile, AL and Pensacola, FL.
The two acquired properties are both located along Gulf Shores Parkway and include: Thompson’s Family Community which includes 120 spaces on 99 acres and is located at 19546 Keller Road; and Jack’s Family Community which includes 81 spaces on 10 acres and is located at 1081 W Laurel Avenue.
HHC plans to invest in enhancing the overall properties by adding a playground and a barbeque area. Additionally, HHC has named Victor Martinez & Associates to manage the portfolio more efficiently and effectively. Bryan Sharp and Kevan Enger of Capstone Partners brokered both sides of the transaction.
Gelt officially launched Happy Homes Communities in May 2017. Since that time, the firm has completed three acquisitions totaling 730 spaces across the nation. The company plans to acquire an additional 1,000 mobile home park spaces over the next 12 months.