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6/15/18
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Happy Home Communities (HHC) has acquired Y-Rancho, a 113-space mobile home park in Sparks, NV. Built in 1961, the park is situated on 7.24 acres of land at 501 El Rancho Drive. HHC acquired the fully occupied property from a private seller.
The community is less than one mile away from a variety of shopping, dining, recreation, and entertainment venues including Walmart Supercenter, Starbuck’s, Deeri Park, Paradise Park, West Wind El Rancho 4 Drive-In Theatre, Walgreens, and several schools. The Reno-Tahoe International Airport is also 2.6 miles from the park.
“HHC plans on infusing capital into Y-Rancho to help improve the quality of life for our residents and enhance its overall curb appeal. We will also have the opportunity to purchase and upgrade older homes as they become available,” said Ellie Davis, director of acquisitions and asset management for Happy Homes Communities. “Additionally, we believe we can optimize the asset’s expenses to deliver better than budgeted returns to our investors.”
HHC is the mobile home park and RV park investment arm of LA-based Gelt. According to Gelt Partner Keith Wasserman, “Y-Rancho is well-located close to Reno’s commercial hubs and the Reno-Tahoe International Airport. This fast-growing area has shown stability in rental occupancy and is at record high rental rates. We liked this asset as it fit well within our acquisition criteria for a value-add play. Assets like these are harder and harder to come by as we are seeing this property sector growing in demand from institutional investors entering the sector.”
Jack A. Cardinal of Cooper, Cardinal and Company brokered the transaction on behalf of both parties. Chad Williams of Berkadia’s San Diego office arranged the financing.
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