SAN ANTONIO--(BUSINESS WIRE)--The BoaVida Group, owner and operator of mobile home and RV communities across the country, has acquired the Lamplighter Mobile Home Park in San Antonio for $11.25 million, adding 232 spaces to the California-based company’s portfolio.
“This is the first of several acquisitions we are planning in the Lone Star state,” said BoaVida’s Eli Weiner, whose company over the past year has purchased more than $150 million in properties, including 3,531 spaces in 36 parks. The rapid pace of acquisitions is continuing through the COVID-19 scare, with the company looking for fewer, but larger opportunities this year, “probably 20 to 25 parks with a total value of $120 million. We are working with brokers in markets across the country, and, with the ability to move quickly, we make it easy for them and their sellers.”
Located in the northeastern part of San Antonio minutes from Interstate 410, Lamplighter features a gated entry, paved roads, swimming pool, office and clubhouse. San Antonio was featured in Forbes as one of the country’s “next boom towns” with a vibrant downtown, a large medical presence, and a thriving startup scene.
“Lamplighter is an ‘all-age’ community, which means we are providing a significant amount of workforce housing that is within 15 minutes of downtown San Antonio,” said Weiner. The community has 30 empty spaces that BoaVida will fill with mobile homes over the next two years to increase the available inventory of homes.
“Our process finds parks with clear value-add potential,” said BoaVida’s Aric Resnicke. “Our asset management team then stabilizes the property, sells new or existing homes, makes repairs, optimizes operations and brings the economics up to the current market. Our team excels at building stable, long-term cash flows while maintaining high levels of resident satisfaction.”
The BoaVida Group is the investment arm of a family of companies including BoaVida Communities, BoaVida RV Parks and Resorts, BoaVida Homes and BoaVida Funds. Together, they own and operate over 100 mobile home and recreational vehicle parks and resorts encompassing 10,000+ spaces nationwide. Founder Eli Weiner began in the industry 20 years ago and now oversees investor assets exceeding $470 million. For more information, visit https://theboavidagroup.com/.