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| Ellie Davis |
Los Angeles, CA - 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."
For more information on this news release, please
contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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