Gelt Subsidiary to Buy Mobile Homes

Tarzana real estate investment firm Gelt Inc. has formed a new company to buy and manage mobile home and recreational vehicle parks. The new company, Happy Home Communities, will buy and manage mobile home and RV communities, a sector that is under the radar, stable and offers people a low-cost alternative to apartments and homes, said Gelt partner and co-founder Keith Wasserman and Chief Operations Officer Jeff Harris, in a statement. Gelt also announced that it has hired Ellie Davis to buy and manage operations of the properties for Happy Home and cultivate broker, lender and resident relationships. Davis has expertise in the manufactured home sector, and has managed more than 4,000 home sites and 11 resorts, according to Gelt. He last served as regional vice president for the real estate investment trust Sun Communities in Southfield, Mich. Prior to that, Davis managed the development and construction of motorhome and recreational vehicle resorts for Carefree Communities. Gelt simultaneously announced Happy Home’s first purchase, a 9-acre mobile home park at 6201 Wible Road in Bakersfield for $5.4 million. De Rancho Y Mobile Villa includes a recreation center with assembly room and kitchen, pool, playground and on-site laundry, according to CoStar Group Inc. “De Rancho Y already boasts a strong occupancy of 97 percent and a stabilized cashflow yield, but we see continued upside through the renovation of common areas and amenities,” Davis said. “We plan to renovate the playground, sport court, and add an open gazebo/barbeque area or dog park. Other planned improvements include asphalt repairs, pool area renovations and the potential addition of mobile homes into current vacant spaces.” It attributed the negotiations of the sale to Mary Sawyer of Portfolio Properties, who represented both parties.