BUSINESS OBSERVER | February 24, 2015

By Sean Roth, Real Estate Editor

PLANS, DESCRIPTION:
Scottsdale, Ariz.-based Paradise Communities purchased the 112-lot Two Rivers Mobile Home Park and a 13-unit apartment complex for $6.3 million.

The price equated to $50,400 per unit. That figure is lower than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

The seven-acre site also features a swimming pool, clubhouse, shuffleboard court and 24-slip boat dock on the Braden River.

Peter Bartys of SVN Commercial Advisory Group® handled the transaction.

“Originally the mobile home park owner absorbed some of the surrounding properties and the single-family homes were converted into apartment rentals,” Bartys says. “I’ve not seen this much mobile home activity in the past several years, that I’ve seen in the last 12 months or so. There’s a lot of cash out there to be invested, and [mobile home parks] are generally lower risk than multifamily. Most mobile home parks are in effect land leases where most of the responsibility for the maintenance and the insurance stays with the homeowners.”

Bartys says very few improvements were needed to the property and that there was some additional space for future potential development.

Paradise Communities is the creation of Charles Ellis, the former vice president of acquisitions for one of the giants of the mobile home/RV real estate industry, Carefree RV Resorts. It purchased its first property, the 105-lot Shady Haven Mobile Home Park in Englewood, last year for $4.1 million.

– See more at: https://www.businessobserverfl.com/section/detail/paradise-communities-buys-two-rivers-mobile-home-park/#sthash.Xbptpfyx.dpuf

 


Peter Bartys | Senior Investment Advisor SVNCAG

Peter Bartys | SVNCAG
Senior Investment Advisor

Peter Bartys came to Sarasota in 1998 and joined a local Contractor as Director of Business Development after a long career in Design, Construction and Development in the UK.

In 2001 he entered the Commercial Real Estate Market where he put his Design, Construction and Development Experience to good use advising Clients on their property investments using proactive and detail oriented assessments.

Peter has specialized in Income Producing Investment Properties particularly Mobile Home and RV Parks and Multi Family Rental Properties.

In the last 10 years he has assisted Buyers and Sellers to acquire or divest of some $30 million in Mobile Home Park assets plus several Multi Family, Retail, and Industrial Property Investments.

Peter and his wife Ana live in Downtown Sarasota and are involved in the activities of the Rotary Club of Sarasota both being past Board Members.They are supporters of several Local Charities and the Performing Arts Organizations.

 

 

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