The firm acquired the property with 100% private equity and did not place debt on the asset. This was an off-market transaction, acquired from a private owner in California.
52TEN, a Scottsdale based company is led by the team of Jack Martin, and Nate Pattee.
“This is another example of a park with significant room to add value,” says Nate, Principal at 52TEN, “The park comes with a number of park-owned homes and is positioned in a great location where high demand exists within the city.”
The strategy at Melody Court will include the establishment of appropriate management, installation of proprietary systems and processes, and capital improvements to both the park owned homes and the amenities at the park.
The park is located in a residential neighborhood with nearby access to the freeway and the Yuma international airport. With wide paved streets and some modest amenities, the park is home to both full-time and seasonal residents.
The property was selected for acquisition because it offers a significant amount of upside with the opportunity to sell park owned homes and fill vacancy. A three to five-year strategy to fill the park and stabilize the investment makes it appropriate for a longer-term hold.
Melody Court fits perfectly into 52TEN’s strategic target market niche focus of acquiring underperforming mobile home and RV parks, in fundamentally good locations, and turning them into higher quality properties. With a longer-term strategy in place, 52TEN will simultaneously achieve stable cash flow and the potential for significant profit for the partnership.
52TEN partners with qualified investors in mobile home park and RV park investments. Their recession-resistant real estate strategy is designed to provide protection, predictable income, and peace of mind through volatile market cycles.
“This strategy is a conservative solution for times of economic volatility,” says Jack, “It’s an alternative that most people have not heard of, yet it’s one of the smartest defensive strategies in real estate.”
52TEN combines lower-risk, income-generating real estate with an investor-centric model and a disciplined business approach. 52TEN is focused on “experience” across all facets of the business, to include the residents and staff at the parks, their contractors and employees, and their investor partners, all of which should expect to receive best experience they’ve ever had.