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.