We are happy to announce that the Marine Drive Mobile Home Park was acquired by a special purpose entity in March of 2018. The park was previously operated by a family who was seeking to sell and move to Florida. We had been in conversations to buy this property for almost 3 years and have gotten to know the seller very well over this time frame.
Now that our company owns the community, we are intending to create value by infilling new or slightly used homes to vacant lots, increasing rents, and passing water and sewer expenses to tenants.