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Tampa Bay Area
Business Observer Friday, Jan. 21, 2011 9 years ago

St. Petersburg investors buy, upgrading Lone Oak

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A St. Petersburg investment group purchased the 120-space Lone Oak mobile home and RV park for $1.9 million.

BUYER: WD-CEM Holdings LLC (principals: Charles Meyer, Woody Dulin and Jason Russo), St. Petersburg


SELLER: FNY Inc.


PROPERTY: 115 W. 10th St., Palmetto


PRICE: $1.9 million


PREVIOUS PRICE: $1.38 million, October 2001


LAW FIRM ON DEED: Blalock Walters PA, Bradenton


PLANS, DESCRIPTION: A St. Petersburg investment group purchased the 120-space Lone Oak mobile home and RV park for $1.9 million.


The price equated to $15,833 per space.


Partners Charles Meyer, Woody Dulin and Jason Russo purchased the park as an investment with plans to turn it around. The park was 85% occupied at the time of the sale.


“It's in a very nice location,” Meyer says. “It is near Wal-Mart and U.S. 301. We were looking at it for quite a long time before it finally got down to a price we thought we could work with. We're planning to significantly upgrade it.”


The new owners are currently installing a privacy fence surround the property and plan to replace lift-station pumps and improve the roadway. In addition, they are also looking to upgrade the landscaping and clubhouse.


The owners have retained the consulting firm of Chrissy Jackson and Associates for assistance with the operation of the community and various improvements.

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