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 mobile home park portfolio in central and northeast Pennsylvania. HHC acquired the three-property 439-space portfolio from Horizon Land Company for $13 million.
“HHC liked this portfolio because it is a stabilized and cash-flowing investment that will produce strong returns for our investors. It also offers value-add opportunities by managing the operating budget more efficiently, and bringing in affordable manufactured homes to fill approximately 48 empty lots,” said Ellie Davis, director of acquisitions and asset management for Happy Homes Communities. “Over the next 36 months we are planning to improve the communities by upgrading common areas as well as adding amenities including playgrounds to each of the properties.”
Davis added that A. Hunter Property Management, Inc., a 23-year old firm focused strictly on the management of manufactured housing communities throughout Pennsylvania, has been retained to take over management responsibilities for the portfolio.
Following is information on each property:
Birchwood Village Estates is a 209-space, 26.26-acre mobile home park located at 1946 Wyoming Avenue in Exeter. It is currently 82 percent occupied. The property is located right off of Wyoming Way, which is a local arterial providing convenient access to Highway 81 and nearby amenities including the Mohegan Sun Pocono Racino and the 900,000-square-foot Wyoming Valley Mall.
Timberend Mobile Home Community is a 153-space, 70.6-acre mobile home park located at 528 Ruben Lehrer Road in Muncy just outside of Williamsport. It is currently 85 percent occupied. The property is adjacent to Highway 180 and is located down the road from the 835,000-square-foot Lycoming Mall, a regional mall for the area.
Wedgewood Mobile Homes Community is a 77-space, 19.16-acre mobile home park located at 23 Minton Drive in Selinsgrove that is situated along Highway 15, a major north-south arterial for the region. It is currently 90 percent occupied. The property is just down the road from the Susquehanna Valley Mall, a 745,000-square-foot regional shopping center.
Jonathon McClellan of Marcus & Millichap brokered both sides of the transaction.
Gelt officially launched Happy Homes Communities in May 2017 and acquired its first mobile home park in Bakersfield, Calif. In addition to this recent portfolio acquisition, HHC has two other properties under contract and plans to acquire an additional 1,000 mobile home park spaces over the next 12 months.
Rebusinessonline MultifamiliyBiz Central Penn Business Journal Alex Donedeals Blogspot