Gelt, Inc. Launches Happy Home Communities; Newly Formed Company Acquires 9-Acre Mobile Home Park in Bakersfield for $5.4 Million

TAZANA, CA - Gelt Inc., a Los Angeles-based multifamily real estate investment and asset management firm, is pleased to announce it has launched a new business venture, Happy Home Communities (HHC), within its growing group of entrepreneurial companies. HHC will focus exclusively on the acquisition and management of mobile home and RV resorts throughout the Western United States. Effective immediately, HHC will be led by Ellie Davis, an expert in this specialized sector, who will serve as the company’s director of acquisitions and asset management.

In his new role with HHC, Davis will oversee the acquisition of manufactured home communities as well as the management of day-to-day operations of the company at the resort level. He will also work to foster and build relationships with brokers, lenders and residents.

“We are more than excited about the launch of HHC, and are thrilled that Ellie has come on board to spearhead this new endeavor,” said Keith Wasserman, partner and co-founder of Gelt. “Ellie shares in our vision of responsibly and thoughtfully acquiring properties in this somewhat under the radar sector, as well as fostering thriving communities for those who live in them.”

For the past six years, Davis has been entrenched in the manufactured home and RV industry property sector. Over his career has managed 4,061 home sites and 11 resorts. He most recently served as a regional vice president for Southfield, MI-based Sun Communities, a publicly traded real estate investment trust. During his tenure at Sun Communities, he was responsible for nearly $18 million in budgeted annual revenue and $10.7 million in annual controllable net operating income. Prior to that, he managed the development and construction of several motor home and RV Resorts from the ground up with Carefree Communities.

“I chose to work with the Gelt team and this new company because it lends to a powerful leadership core for HHC that ultimately seeks to improve the quality of life for residents of its communities,” said Davis. “I see myself adding value through hard work and dedication and I believe that there is endless potential for HHC now as well as far into the future.” 

In its first acquisition milestone, HHC has acquired De Rancho Y Mobile Villa, a nine-acre mobile home park located at 6201 Wible Road in Bakersfield, Calif. for $5.4 million. The seller was a private investor and Dr. Mary Sawyer of Portfolio Properties represented the seller and the buyer. Chad Williams with Berkadia sourced the debt for HHC.

Built in 1967, the property has accommodations for 90 mobile home spaces and includes a recreation center with assembly room and kitchen, pool, playground, and on-site laundry. The property is within the southwestern portion of Bakersfield one-half mile east of State Route 99. The asset is walking distance to an array of national and regional retailers. 

“De Rancho Y already boasts a strong occupancy of 97 percent and a stabilized cash flow yield, but we see continued upside through the renovation of common areas and amenities,” said Davis. “We plan to renovate the playground, sport court, and add an open gazebo/barbeque area or dog park. Other planned improvements include asphalt repairs, pool area renovations, and the potential addition of mobile homes into current vacant spaces.”

HHC is looking to acquire 2,000 mobile home spaces over the next two years within stabilized communities that offer some room for upside through the renovation of existing amenities, addition of new amenities, and addition of mobile homes to vacant spaces. 

“We view mobile home communities as a very stable asset class, and these opportunities will allow us to provide long-term stablity for our investors,” said Jeff Harris, COO with Gelt. “Our mobile home communities will provide a high quality of life for our residents at a very low cost in comparison to apartment living or purchasing a home." 

About Gelt, Inc. Gelt Inc. is a regional real estate investment and asset management company that seeks to acquire properties in strategic markets in the Western U.S. Since the company's inception in 2008, Gelt has acquired more than 5,600 apartment homes valued in excess of $800 million. The firm’s philosophy is to be a prudent steward for its investment capital, to invest wisely, with confidence and intelligence in emerging, constrained markets. Gelt seeks appropriate risk adjusted returns while achieving income from current cash flow and appreciation through superior performance of its assets.

Gelt consists of a team of real estate professionals that possess a wealth of knowledge and expertise in law, real estate, finance, property and asset management, and construction.

Gelt’s additional entreprenurial companies include Domuso.com and Gelt Venture Capital. Gelt developed Domuso.com, the first financing-as-a-service resident portal for the $540 billion rental payment industry.  Domuso offers online certified and financing options for move-in payments, one-time rent payments, debt payments, refunds, and late payments.  The company developed its own proprietary risk scoring model to offer point-of-sale financing utilizing rental application data, property operational data, and historical payment history. Gelt Venture Capital is a seed stage venture capital firm investing in companies capable of making large global impacts. We believe automation, mobility, robotics, artificial intelligence, and space tech form the fundamental technology layer transforming our world and we focus on applications of these foundational technologies.

The firm strives to stay on top of industry trends, and is always on the lookout for new technologies that simplify life for its leasing agents and help its properties run smoothly.