Company raising rent at Golfview to purchase two more local manufactured housing communities
Lang
3/30/19
The company raising rent at the Golfview manufactured housing community is buying two more local mobile home parks.
Havenpark Capital of Utah plans to close on the Sunrise Mobile Home Village on Scott Boulevard and the West Branch Mobile Home Village on Friday, April 5th. The two parks hold a total of over 300 lots and are currently owned by Hames.
Hames officials say they sold the properties because it would be too expensive to bring the parks’ sewer lagoons into compliance with Iowa Department of Natural Resources standards.
Havenpark recently purchased Golfview and informed residents of a 58% rent increase. Residents were notified of the sale in a letter, in which Havenpark explained the rent increase as a way to “protect the community.” The company also plans around $2 million in improvements, including a play area, new homes and paved roads.
Citing the rapid growth of the North Liberty area, the letter said that land values have quickly increased to the point where the Golfview property would be more profitable if it were converted to apartments or a large retail store. Instead, they say, they “have secured this property, and look forward to improving it…”
Trailer rents at Golfview go up June 1st from $284 a month to $450 a month.
The trailer park property last changed hands in 2008 for $5.28 million; Johnson County records show that the sale earlier this month to Havenpark, was for $12.3 million.
Havenpark’s website states they operate 25 sites across nine states.
