Gelt Launches Happy Home Communities, Names Director
- May 05, 2017
Gelt Inc. has launched a new business venture, Happy Home Communities, with an exclusive focus on the acquisition and management of mobile home and RV resorts in the West. Ellie Davis has been appointed as HHC’s director of acquisitions and asset management. The firm’s first acquisition is a 90-unit community in Bakersfield, Calif.
“Ellie shares in our vision of responsibly and thoughtfully acquiring properties in this somewhat under the radar sector, as well as fostering thriving communities for those who live in them,” Keith Wasserman, partner and co-founder of Gelt, said in a prepared statement.
Davis brings six years of experience in the manufactured homes and RV industry, having managed 4,061 home sites and 11 resorts. In his new role, Davis will oversee new acquisitions and day-to-day operations, as well as build relationships with brokers, lenders and residents. Previously, he served as a regional vice president for Sun Communities, where he was responsible for nearly $18 million in budgeted annual revenue and $10.7 million in annual controllable net operating income. Davis also managed the development of several mobile home and RV resorts with Carefree Communities.
HHC’s first acquisition is De Rancho Y Mobile Villa, a nine-acre mobile home park at 6201 Wible Road in Bakersfield, Calif. Mary Sawyer of Portfolio Properties represented both the seller, a private investor, and the buyer. Chad Williams with Berkadia sourced the debt for HHC. HCC’s $5.4 million purchase is part of its wider value-added investment plan to acquire 2,000 mobile home spaces over the next two years.
“De Rancho Y already boasts a strong occupancy of 97 percent and a stabilized cash flow yield, but we see continued upside through the renovation of common areas and amenities,” said Davis in prepared remarks. “We plan to renovate the playground, sport court and add an open gazebo/barbecue area or dog park. Other planned improvements include asphalt repairs, pool area renovations and the potential addition of mobile homes into current vacant spaces.”
The 1967-built property has 90 mobile home spaces. Property amenities include a recreation center with assembly room and kitchen, pool, playground and on-site laundry. De Rancho Y Mobile Villa is half a mile east of State Route 99 and within walking distance to an array of retailers such as Walmart and Walgreens.
Images courtesy of Gelt