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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 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.
For more information on this press release, please
contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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