- August 8, 2014
BUYER: Myakka River Resort LLC (principal: Robert Kurens), Chappaqua, N.Y.
SELLER: Myakka River RV Resort
PROPERTY: 10400 S. Tamiami Trail, Venice
PRICE: $2.58 million
PREVIOUS PRICE: $3.1 million, September 2006
LAW FIRM ON DEED: Greenspoon Marder PA, Fort Lauderdale
PLANS, DESCRIPTION: Chappaqua, N.Y., investor Robert Kurens purchased the 81-space Myakka River RV Resort for $2.58 million.
The price equated to $31,790 per space.
Built in 1979, the community was originally home to 77 RV sites, but was expanded in 2011 to include four more home sites, plus two tent sites. The Kampgrounds of America-branded RV park features a swimming pool, clubhouse, boat launch and shuffleboard and horseshoe courts. Fronting U.S. 41 and the Myakka River, the 8.14-acre property includes boat and canoe access.
Kurens says he was attracted to the park because of its business operations. Marketing materials for the park report it generated net operating income of $260,038 in 2012. Based on that income, the purchase price equates to a payoff ratio (capitalization rate) of 10.1%.
“We don't have any changes planned for the property, just some slight upgrades,” Kurens says.
He owns a number of other area RV centers, but declined to comment on which ones.
Dan Mulkey, a vice president investments and a senior director of the National Manufactured Home Communities Group in Marcus & Millichap's Tampa office, handled the sale.
“The community has many permanent park model homes and several other RV homes with annual residents at the community,” Mulkey says in a press release. “It provides the new owner with an existing stable income and an opportunity for upside.”
Purchase entity Myakka River Resort LLC mortgaged the property to Intervest National Bank for $1.85 million.