California investor pays $13M for mobile home portfolio, including park in Central Pa.
A West Coast real estate investment and asset management company has paid $13 million for a mobile home park portfolio that includes communities in Central and Northeast Pennsylvania.
Happy Home Communities, the mobile home and RV park investment arm of Los Angeles-based Gelt Inc., recently purchased three properties with 439 home sites from Horizon Land Coy.
The three properties are in Luzerne, Lycoming and Snyder counties. The closest to Harrisburg is in Selinsgrove. It is the 77-space Wedgewood Mobile Homes Community along U.S. Route 15, near the Susquehanna Valley Mall.
The other two communities are near the Wyoming Valley Mall in Exeter and the Lycoming Mall near Williamsport.
Officials with Happy Homes, which launched in May, said they saw a stable portfolio with the potential to add affordable homes on 48 empty lots. Over the next three years, the company is planning to upgrade common areas and add other amenities to the communities, including new playgrounds.
Parent company Gelt owns more than 7,000 apartments and mobile home sites valued at more than $1 billion.