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November 18, 2017
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Gelt Inc Forms New Mobile Home Venture

5/18/17

Gelt Inc has formed a new business venture, Happy Home Communities (HHC), which will focus exclusively on the acquisition and management of mobile home and RV resorts throughout the Western United States. HHC will be led by Ellie Davis, an expert in this specialized sector, who will serve as the company’s director of acquisitions and asset management.

In his new role with HHC, Davis will oversee the acquisition of manufactured home communities as well as the management of day-to-day operations of the company at the resort level. He will also work to foster and build relationships with brokers, lenders and residents.

For the past six years, Davis has been entrenched in the manufactured home and RV industry property sector. Over his career has managed 4,061 home sites and 11 resorts. He most recently served as a regional vice president for Southfield, MI-based Sun Communities, a publicly traded real estate investment trust. During his tenure at Sun Communities, he was responsible for nearly $18 million in budgeted annual revenue and $10.7 million in annual controllable net operating income. Prior to that, he managed the development and construction of several motor home and RV Resorts from the ground up with Carefree Communities.

In its first acquisition milestone, HHC has acquired De Rancho Y Mobile Villa, a nine-acre mobile home park located at 6201 Wible Rd in Bakersfield, for $5.4 mil. The seller was a private investor and Dr. Mary Sawyer of Portfolio Properties represented the seller and the buyer. Chad Williams with Berkadia sourced the debt for HHC.

Built in 1967, the property has accommodations for 90 mobile home spaces and includes a recreation center with assembly room and kitchen, pool, playground, and on-site laundry. The property is within the southwestern portion of Bakersfield one-half mile east of State Route 99. The asset is walking distance to an array of national and regional retailers.

HHC is looking to acquire 2,000 mobile home spaces over the next two years within stabilized communities that offer some room for upside through the renovation of existing amenities, addition of new amenities, and addition of mobile homes to vacant spaces.





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