Gelt Inc., a Tarzana, California based real estate investment firm, has announced the formation of a new subsidiary to purchase and manage manufactured home and RV communities.
According to the San Fernando Valley Business Journal, the new company, called Happy Home Communities, will buy and manage various communities in a sector they feel is primed for growth.
“This 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.
Wasserman and Harris also announced the hiring of Ellie Davis to buy and manage operations of the properties for Happy Home and cultivate broker, lender and resident relationships.
Davis has extensive expertise in the manufactured home sector, managing more than 4,000 home sites and 11 resorts, and was most recently regional VP for Sun Communities in Southfield, Michigan.
Also announced was Happy Home Communities first purchase, De Rancho Y Mobile Villa manufactured home community in nearby Bakersfield.
“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,” said Davis.
“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 [sic] into current vacant spaces.”
The Daily Business News, MHProNews and MHLivingNews have covered the case for manufactured housing as a viable solution to hope for the American Dream of home ownership at a reasonable price extensively, including Bloomberg making a statement to the same effect.
“Imagine engineered homes, that meet or exceed strict federal safety, energy and performance standards, built to the nation’s only preemptive code for permanent homes,” said Daily Business News Publisher L.A. “Tony” Kovach.
“By using the same proven systems that keep costs down on cars, smartphones, clothing or other produced products, you save on labor, time, have about 30% less waste, can buy in bulk and thus save money.”
“And the U.S. Census Bureau and Government Accountability Office state our homes are about half the cost of conventional construction,” he added.
For more on companies entering the manufactured housing industry, including Jacksonville, Florida-based Park Place Communities via Crowdfunding, click here. ##
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Submitted by RC Williams to the Daily Business News for MHProNews.