- August 8, 2014
BUYER: NHC-FL141 LLC, Scottsdale, Ariz.
SELLER: Eke-HPRV LLC, LLE-HPRV-R LLC and LLE-HPRV-M LLC
PROPERTY: 100 Barefoot Williams Road, Naples
PRICE: $5.4 million
LAW FIRM ON DEED: Spottswood Spottswood & Spottswood, Key West
PLANS, DESCRIPTION: Scottsdale, Ariz.-based National RV Communities LLC purchased the 305-site Marco Naples Hitching Post for $5.4 million.
The price equated to $17,705 per site.
The majority of the sites on the 23-acre property are rented on a yearly basis, while the remaining sites are rented to season RV guests. The property has an average annual occupancy of 80%.
Developed in 1972, the property features a swimming pool and clubhouse.
The new owner plans to make road repairs, remodel the office space, upgrade the electric service, install a new pool fence and improve the landscaping and signage.
“The property is located in an A+ market and provides an immediate high cash on cash yield,” says Charles Ellis, vice president of acquisitions for National RV Communities. “The property is stabilized and primarily caters to park models, tied down fifth wheels and travel trailers housing seasonal snowbirds desiring an affordable winter home in Naples.”
The purchase entity NHC-FL141 LLC mortgaged the property to General Electric Capital Corp. for $4.15 million.
National RV Communities is the nation's 10th largest owner/operator of RV and manufactured housing communities in the U.S. and Canada with 61 communities containing more than 14,000 sites. The company recently purchased the 380-site Settler's Rest RV Resort in Zephyrhills for $5 million.