ANOTHER SAN DIEGO COUNTY PARK SOLD BY MHRV

The sale of Barrett Lake MH & RV Park located at 1250 Barrett Lake Rd in Dulzura, CA (San Diego County) was completed on March 6, 2006 for $4,100,000. Vince Reynolds and Norman Sangalang of MHRV Advisors represented the Seller in this transaction.

The park consists of 81 mobile home spaces and 10 recreational vehicle spaces (91 total units). The property is situated on 107 acres and is serviced by well water and a septic system. Space rents ranged from $370 to $430. Electric, water and propane are sub metered, and trash is billed at $6.35 per space. Amenities include two pools, laundry facility, 2,000+ sq ft clubhouse and a large area for parking and storage. The park has 30, 50 and 100 amp electric. The park was 100% occupied during the time of the sale.

Norman commented, "Because of the rural location of a park valued above $4 million it was difficult finding a buyer that could get comfortable with the combination of park, area and price, even though it is located in San Diego County. The park is the only form of multifamily in the area so no one could determine whether it was a good thing or bad thing to be the only game in town. Once the buyers became comfortable with the area they realized this was one of the best cap rates to be seen in San Diego County in quite some time."

Reynolds commented, "There is no rent control in the county of San Diego so this property does have some upside potential. In addition, there is the possibility of adding some additional sites and trading some of the extra acreage for mitigation land. We went in and out of escrow a couple of times on this park and each time the market got stronger and stronger. This park needs some TLC, but will continue to maintain great occupancy because of its location."

Vince Reynolds and Norman Sangalang sell and finance mobile home and RV parks exclusively throughout the states of California, Arizona and Nevada and have sold or refinanced over 100 MH and RV parks over the past few years. For further information please contact Vince or Norman toll free at (866) 459-MHRV (6478) or via email at info@mhrvadvisors.com.