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Realizing Value in Mobile Home and RV Park Investments

 

ABOUT

Pacific Current Partners has leveraged deep industry experience and relationships and specialized managerial expertise to acquire 20 properties in 7 states since 2013. Our focus is on adding value through efficient acquisitions and solving operational and local challenges through our in-house asset management team as well as the broad network of MHRV experts we regularly work with. Our team has nearly a century of combined experience in the mobile home and RV industry and we represent our industry on the boards of three leading trade associations. We pride ourselves on open and frequent communications with our investors.

Whereas many other buyers of manufactured housing communities in premium markets have aimed to convert properties to ‘higher and better use,’ Pacific Current Partners is committed to owning and operating our assets as manufactured housing communities for the long term and to realizing value by improving community experience for residents. PCP is still actively seeking MH and RV park acquisition opportunities, especially in the $5mm - $25mm range. At the same time, the company is working diligently and enthusiastically to execute asset management value-add business plans within our existing nationwide portfolio. Learn more about the team undertaking these endeavors.

Some of our value add strategies are:

IMPROVING RESIDENTS’ EXPERIENCE

Through our park improvement program, we work to enhance our residents’ experience. In some cases this means renovations to the clubhouse or the construction of laundry facilities, in other cases repaving the roads or developing a consistent overall landscaping plan for common areas. At some of our properties, especially in Southern California, we use native drought-resistant plants and avoid  “patchwork projects” to create landscaping that is not only very attractive, but also more cost and energy efficient.

Additionally, we have implemented home ownership initiatives at many of our communities in order to help make it easier for residents to own their own homes, while also offering long-term leases so that future rent increases are predictable.

We are also specialists in managing ADA compliance issues and work hard to make our parks welcoming to residents with special needs. Understanding the importance of inclusivity we also offer counseling on questions of ADA compliance to other park owners. If you are interested in learning more please visit our dedicated website at https://mhrvada.com/.

HIGH OCCUPANCY

The best way to  add value to a park is to make and keep it fully occupied with satisfied residents. To that end we leverage our experience and industry contacts to quickly and efficiently bring new homes into our communities. For example, we have installed 27 new homes at El Cajon Mobile Home park and are in the process of installing 21 new homes at Valley Oaks MHC. Although we often look to have residents purchase new homes, we do not shy away from park owned home rentals as many other park owners do. We provide a variety of purchase and rental options to residents. In order to ensure that our RV parks also stay fully occupied, we  work together with local municipalities to manage length-of-stay restrictions with the aim of being able to offer both superior short-term stay experiences for tourists as well as longer term affordable housing solution for residents.

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 manufactured housing communities and maintain strong working relationships with solar contractors that specialize in MHRV installations.

REGULARIZATION OF USE

Planning departments are often inclined to have an unfavorable view of mobile home and RV parks, but we have worked amicably and successfully with numerous regulatory bodies and municipalities to align the interests of residents, government, investors and other stakeholders. We operate on decades of experience with the regulatory issues that typically surround mobile home and RV communities and have been successful in clarifying or establishing new agreements with regulators regarding zoning, permits and entitlements.  

TAX OPTIMIZATION

Mobile home and RV park investing comes with many unique and significant tax implications. We apply our expertise to maximize tax benefits for our properties and our investors.

 

PORTFOLIO

BOWMAN HILTON    PUYALLUP, WA

BOWMAN HILTON

PUYALLUP, WA

Acquisition Date:  January 2019
Spaces:  77

FLAMINGO MOBILE HOME PARK    SANTA BARBARA, CA

FLAMINGO MOBILE HOME PARK

SANTA BARBARA, CA

Acquisition Date:  August 2018
Spaces:  70

DUCK NECK CAMPGROUND    CHESTERTOWN, MD

DUCK NECK CAMPGROUND

CHESTERTOWN, MD

Acquisition Date:  October 2017
Spaces:  354

EL CAJON MOBILE HOME PARK    EL CAJON, CA

EL CAJON MOBILE HOME PARK

EL CAJON, CA

Acquisition Date:  June 2017
Spaces:  128

CAPO BEACH COTTAGES    SAN CLEMENTE, CA

CAPO BEACH COTTAGES

SAN CLEMENTE, CA

Acquisition Date:  December 2015
Spaces:  126

VALLEY OAKS MOBILE HOME PARK    HODGKINS, IL

VALLEY OAKS MOBILE HOME PARK

HODGKINS, IL

Acquisition Date:  November 2018
Spaces:  130

EL CAPITAN    EL CAJON, CA

EL CAPITAN

EL CAJON, CA

Acquisition Date:  April 2018
Spaces:  76

GOLD STRIKE VILLAGE    SAN ANDREAS, CA

GOLD STRIKE VILLAGE

SAN ANDREAS, CA

Acquisition Date:  September 2017
Spaces:  111

THE MEADOWS    KETCHUM, ID

THE MEADOWS

KETCHUM, ID

Acquisition Date:  October 2016
Spaces:  200

LILAC OAKS RV PARK & CAMPGROUND    VALLEY CENTER, CA

LILAC OAKS RV PARK & CAMPGROUND

VALLEY CENTER, CA

Acquisition Date:  March 2015
Spaces:  44

EZ LIVING MOBILE HOME PARK    SAN MARCOS, CA

EZ LIVING MOBILE HOME PARK

SAN MARCOS, CA

Acquisition Date:  October 2018
Spaces:  77

RIDGEWOOD    LAKEWOOD, CO

RIDGEWOOD

LAKEWOOD, CO

Acquisition Date:  January 2018
Spaces:  97

TROPICAL GARDENS    SANTA BARBARA, CA

TROPICAL GARDENS

SANTA BARBARA, CA

Acquisition Date:  August 2017
Spaces:  55

SUNDANCE AT LEMON GROVE    LEMON GROVE, CA

SUNDANCE AT LEMON GROVE

LEMON GROVE, CA

Acquisition Date:  February 2016
Spaces:  45

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


COMPLETED SALES

DEER RUN ESTATES    ROOSEVELT, UTAH

DEER RUN ESTATES

ROOSEVELT, UTAH

Acquisition Date: March 2015

Disposition Date:  January 2019

Spaces:  92

OCEANSIDE RV PARK    OCEANSIDE, CA

OCEANSIDE RV PARK

OCEANSIDE, CA

Acquisition Date:  July 2015
Spaces:  141

 

ACQUISITIONS

Since 2013 Pacific Current Partners has been acquiring and operating mobile home and RV park communities, going from 138 sites in 2013 to 1811 sites in 2019, and still growing faster than ever.

We have worked with 9 different brokers to close 22 acquisitions over the those five years, often paying a commission out of our own pocket as Buyer at closing. We have also sold two parks, for more than $30mm, and when we list a park for sale we always use the same broker who helped us to acquire it. We attend all major industry events and are always ready to form relationships with other mobile home park aficionados.

We are interested in individual properties as well as multi-property portfolios. We have mobile home parks as well as RV parks in our portfolio, all-age as well as retirement communities, properties with public as well as private utilities. We own properties all over the United States, in metropolitan areas with strong demographics, but also in rural areas in or near tourism driven economies. In short: we will quickly underwrite and provide feedback on any attractive mobile home park or RV park acquisition opportunity. That said, we do roughly follow a few guidelines in our acquisition efforts: shortage of affordable housing in local market, more than 50 sites, more than $400,000 in gross income, market rents higher than $400.

Please contact Spencer Engler-Coldren at

spencer@pcpequity.com

(949) 874-8449

OUR TEAM

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SPENCER ENGLER-COLDREN

PARTNER

ACQUISITIONS

Spencer works on the acquisition of the properties in our mobile home and RV park portfolio, including property sourcing, underwriting, diligence, financing, and business development 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 San Francisco, California. 

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THOM NIEDERKOFLER

PARTNER

ASSET MANAGEMENT

Thom leads business operations and asset management at Pacific Current Partners headquarters in San Francisco. 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. Projects he has worked on include leading the loft conversion of a historic landmark in East Berlin, Germany and the development of Scotch Hall Preserve, a 900-acre golf & real estate development in coastal North Carolina. Thom is currently a Director of CampCalNOW (the trade association for RV Parks in California) as well as a Trustee of REC PAC, a political action committee that aims to advance the interests of the California’s RV Industry. 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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BRAD HILL

PARTNER

ACQUISITIONS

Brad works on the acquisition of the properties in our mobile home and RV park portfolio, including property sourcing, underwriting, diligence, financing, and business development for Pacific Current Partners. 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. 

ROB COLDREN

PARTNER

SENIOR STRATEGIST

Rob Coldren enjoys a special reputation in the area of property rights, land use, and regulatory issues pertaining to manufactured housing communities and recreational vehicle parks nationally. For over thirty years, Rob led the law firm he founded to become at the time widely recognized as the premier legal representative for the manufactured housing industry and for mobile home and RV park owners throughout California. Since 2013, Rob has reserved his legal talent and services for a select group of highly regarded park owners in his law practice at Coldren Law Offices, and while his legal background informs his judgement and business acumen at PCP, he and his firm do not represent the group or affiliates as a lawyer. Rob has unparalleled relationships within the industry 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.

 
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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.

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REX MILLER

ASSET MANAGER

ACQUISITION ANALYST

Rex is asset manager for several PCP parks in the San Diego area. He graduated from the University of Southern California in 2015 with a degree in Business Administration. He has been exposed to the real estate industry throughout his life with various internships and knowledge from his family’s real estate operations. During college he interned with Garrett Stiepel Ryder LLP, the trusted law firm that handles all of our transactional legal work and much more. Rex had recently been working in wealth management.

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 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.

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

 
Shorebreak Energy Developers  is a full service provide of solar integration, electrical contraction, energy management solutions and utility upgrade/repairs.

Shorebreak Energy Developers is a full service provide of solar integration, electrical contraction, energy management solutions and utility upgrade/repairs.

We have partnered with  Equinox  to offer our residents reduced monthly rates, initiation fees, and other significant benefits on a premier fitness experience. The Equinox High Performance Living Program is offered to all of our residents. Equinox has been a fantastic partner in helping to provide these very significant benefits to our residents. With 135+ locations internationally, Equinox has operated luxury fitness centers since 1991. The Huntington Beach location boasts panoramic vistas of the Pacific Ocean, full-service spa and juice bar in addition to the elevated experience members can expect at all of their facilities.

We have partnered with Equinox to offer our residents reduced monthly rates, initiation fees, and other significant benefits on a premier fitness experience. The Equinox High Performance Living Program is offered to all of our residents. Equinox has been a fantastic partner in helping to provide these very significant benefits to our residents. With 135+ locations internationally, Equinox has operated luxury fitness centers since 1991. The Huntington Beach location boasts panoramic vistas of the Pacific Ocean, full-service spa and juice bar in addition to the elevated experience members can expect at all of their facilities.

CONTACT

 

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

Please contact Spencer Engler-Coldren:

spencer@pcpequity.com

(949) 874-8449

40 YEARS OF SUCCESS WORKING TOGETHER IN THE MOBILE HOME AND RV PARK INDUSTRY.