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Realizing Value in Mobile Home and RV Park Investments

 

ABOUT

Pacific Current Partners leverages deep industry experience and relationships and specialized legal and managerial expertise to acquire properties both on and off market and to add and maintain superior value for investors and other stakeholders. PCP is still actively seeking MH and RV park acquisition opportunities, especially in the $5M to $15M range. At the same time, the company is working diligently and enthusiastically to execute asset management value-add business plans within our existing portfolio. Learn more about the team undertaking these endeavors.

Some of our value add strategies are:

ENERGY COST REDUCTION

Our business plans often include the addition of solar capacity to reduce electric utility expenses. We take advantage of the generous tax incentives currently offered in order to strengthen our returns. We have a thorough understanding of the value-add solar can bring to RV parks and communities of manufactured homes and maintain strong working relationships with solar contractors that specialize in MHRV installations.

REGULARIZATION OF USE

Our team has successfully negotiated or litigated modifications to Conditional Use Permits at several parks, including at Loomis RV Park, where we eliminated a significant transient occupancy tax that had been paid annually to the city of Loomis by the park’s prior owner. We understand such legal issues inside and out and are confident in our ability to clear up confusion surrounding zoning, permits and entitlements to bring regulators and us as owners onto the same page.

TAX OPTIMIZATION

We apply our expertise to structure acquisitions so as to generate maximal tax incentives and benefits for investors. 

Pacific Current Partners Invests in value add real estate opportunities in the MHRV market

Whereas most other buyers of manufactured housing communities in premium California markets have aimed to convert properties to ‘higher and better use,’ Pacific Current Partners holds a commitment to owning and operating our properties as manufactured housing communities for the long term and to realizing value by improving community experience for residents. Through off-market transactions and specific value-add expertise, we continue to grow our portfolio of mobile home and RV parks throughout the Western States.  


 

 

PORTFOLIO

TROPICAL GARDENS SANTA BARBARA, CA

TROPICAL GARDENS

SANTA BARBARA, CA

Acquisition Date:  August 2017
Spaces:  55

EL CAJON MOBILE HOME PARK EL CAJON, CA

EL CAJON MOBILE HOME PARK

EL CAJON, CA

Acquisition Date:  June 2017
Spaces:  128

THE MEADOWS KETCHUM, ID

THE MEADOWS

KETCHUM, ID

Acquisition Date:  October 2016
Spaces:  200

SUNDANCE AT LEMON GROVE LEMON GROVE, CA

SUNDANCE AT LEMON GROVE

LEMON GROVE, CA

Acquisition Date:  February 2016
Spaces:  45

PALM BEACH PARK SAN CLEMENTE, CA

PALM BEACH PARK

SAN CLEMENTE, CA

Acquisition Date:  December 2015
Spaces:  126

OCEANSIDE RV PARK OCEANSIDE, CA

OCEANSIDE RV PARK

OCEANSIDE, CA

Acquisition Date:  July 2015
Spaces:  141

LILAC OAKS RV PARK & CAMPGROUND VALLEY CENTER, CA

LILAC OAKS RV PARK & CAMPGROUND

VALLEY CENTER, CA

Acquisition Date:  March 2015
Spaces:  44

DEER RUN ESTATES ROOSEVELT, UTAH

DEER RUN ESTATES

ROOSEVELT, UTAH

Acquisition Date:  March 2015
Spaces:  92

LOOMIS RV PARK LOOMIS, CA

LOOMIS RV PARK

LOOMIS, CA

Acquisition Date:  October 2013
Spaces:  81

LIBERTY TRAVEL PARK ANAHEIM, CA

LIBERTY TRAVEL PARK

ANAHEIM, CA

Acquisition Date:  September 2013
Spaces:  56

SURF CITY BEACH COTTAGES HUNTINGTON BEACH, CA

SURF CITY BEACH COTTAGES

HUNTINGTON BEACH, CA

Acquisition Date:  June 2013
Spaces:  252

JV project acquired before the formation of Pacific Current Partners

HUNTINGTON SHORECLIFFS HUNTINGTON BEACH, CA

HUNTINGTON SHORECLIFFS

HUNTINGTON BEACH, CA

Acquisition Date:  February 2007
Spaces:  307

JV project acquired before the formation of Pacific Current Partners

OUR TEAM

ROB COLDREN

 PARTNER

LEGAL

Rob Coldren enjoys a special reputation in the area of property rights, land use, and regulatory legal issues pertaining to manufactured housing communities and recreational vehicle parks nationally. For over thirty years, a practice group within the law firm he founded became widely recognized as the premier legal representative for the manufactured housing industry and for mobile home and RV park owners throughout California. Rob has unparalleled relationships within the industry and the communities in which he operates and has been recognized with numerous honors and awards. He is a frequent speaker at industry events and conferences and has served and continues to serve on various association boards. Rob has helped to draft key legislation and has litigated many of the industry’s most important cases, including the case of Guggenheim v. City of Goleta which was heard by the Ninth Circuit Court of Appeal.

 

SPENCER ENGLER-COLDREN

PARTNER

 ACQUISITIONS

Spencer has led the team in the acquisition of the properties in our mobile home and RV park portfolio. He works on property sourcing, underwriting, financing, and investor relations for Pacific Current Partners. After graduating from UC Santa Barbara, he worked as a Senior Financial Analyst at Sierra Funds, a hedge fund in Irvine, CA, where he analyzed and advised on distressed investments in publicly traded companies, mainly on the purchase of unsecured trade debt in large Chapter 11 bankruptcies. He left Sierra Funds to pursue a PhD in Literature and Philosophy at UC Berkeley. During his tenure at Cal, he taught many undergraduate courses in Literature and Philosophy, including an upper-division seminar on Nietzsche, Marx, and Freud. After founding Pacific Current Partners in 2013, Spencer decided to leave Academia and return to full time business. He now resides with his wife in both San Francisco, California and Berlin, Germany. 

 

BRAD HILL

PARTNER

CAPITAL MARKETS

Prior to joining Pacific Current Partners in 2016, Brad was a Principal in the Tradable Credit Group at Ares Management, a global asset manager with $92 billion of assets under management.  He was personally responsible for managing a $2 billion portfolio of non-investment grade corporate high yield bonds, leveraged loans and post-reorganization equities within various industries across several investment strategies.  Prior to joining Ares in 2008, Brad was an Investment Banking Analyst at Bear, Stearns & Co. and prior to that a manager within the Correspondent Lending Group at Countrywide.  Brad has supported PCP since its inception as an active limited partner in every closed transaction.  He is a graduate from Cal Poly San Luis Obispo with a B.S. in Business Administration and a minor in Economics.  

MIKE CIRILLO

PARTNER

PROPERTY MANAGEMENT

Mike Cirillo is in charge of park operations for all Pacific Current Partners properties. As President of Star Management and third generation community owner/operator, Mike has over 35 years of experience in the day-to-day operations of manufactured housing communities and currently provides property management for over 4500 spaces in 30+ properties. Mike also serves or has previously served on various industry trade association boards and committees, including in his former role as President of the Western Manufactured Housing Communities Association (WMA) and his current role as Chair of the Utilities Task Force for the WMA, member of the California Association of Realtors and member of the Nevada Community Owners Association. Mike is a Certified Property Manager, licensed Real Estate Broker, Mortgage Broker, Manufactured Home Dealer and C-47 Contractor. 

 

THOM NIEDERKOFLER

PARTNER

BUSINESS OPERATIONS

Thom works on business operations, asset management, and project management at Pacific Current Partners. Since graduating from Stanford University in 2003, he has worked extensively in all aspects of real estate asset management while focusing on finance, project management, and facilities operations. He is currently a Trustee of REC PAC, a political action committee founded by the California Association of RV Parks and Campgrounds to advance the interests of the CA RV Industry. Thom is also President of Rial Corporation, acting as owner’s representative of the firm’s U.S. real estate holdings, including its flagship asset, Scotch Hall Preserve, a 900 acre waterfront golf and residential community in North Carolina. Previously a Financial Consultant at Kaiser Permanente, he drove process improvement and reporting related to the facilities division’s $1-3B annual capital plan.

 
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GUY KORNBLUM

 SPECIAL PROJECTS

ASSET MANAGER

Guy joined the PCP team in 2016 as the company’s first project manager. Since joining the team, Guy has managed $1.2mm in capital improvement projects, led physical due diligence efforts on current acquisitions, and taken on various special projects.  He brings a wealth of hands-on Real Estate experience to the team, having navigated several mixed-use projects through complex entitlement and land use processes and has managed several dozen construction jobs. After attending UC Davis, he started his career in residential property management in the early 2000’s with Canyon Pacific Management in San Francisco. He is a licensed Real Estate Broker and since 2005 has brokered over $155mm in residential and mixed-use transactions. In 2012, Guy formed North Point Investments Group, a privately held Real Estate Investment Company that focused on value-add plays for distressed assets.


Web content from the world of RV's, Mobile Homes and Tiny Homes

 

Partners

As a Strategic Alliance Partner, Pacific Current Partners (PCP) is collaborating closely with the California Association of RV Parks & Campgrounds on industry-wide business development initiatives. Thom Niederkofler, a partner at PCP, is currently a Trustee of REC PAC, a political action committee founded by CalARVC to advance the interests of the CA RV Industry in Sacramento.  He is also volunteering on the CalARVC Education Committee, helping to bring advanced education opportunities to CalARVC members.

 

 

As a Preferred Provider, Pacific Current Partners works in collaboration with ACE (ADA Compliance Experts) to Provide CASp Consulting Services To The MHRV Industry.

30 YEARS OF SUCCESS WORKING TOGETHER

IN THE MOBILE HOME AND RV PARK INDUSTRY.

We are interested in hearing about your MH or RV park property.

Please contact Spencer Coldren:

spencer@pcpequity.com

(949) 874-8449