Washington state investors buy Rainbow Rock Mobile Home Park

BUYER: Rainbow City LLC (managers: David Knecht and Darcel Shurin), Kirkland, Wash.
SELLER: Billy Boy's Holdings LLC
PROPERTY: 1150 Fletcher Lane, Plant City
PRICE: $1.28 million
PREVIOUS PRICE: $1.05 million, April 2004
TITLE FIRM ON DEED: Summit Title & Financial Services Inc., Tampa

PLANS, DESCRIPTION:
David Knecht and Darcel Shurin of Kirkland, Wash., purchased the Rainbow Rock Mobile Home Park for $1.28 million.

The price equated to $126,733 per acre.

Built in 1954, the 10.1-acre property features 20 one-bedroom/one-bathroom apartments, 21 RV spaces and 46 mobile homes. The mobile-home park was 70% occupied at the time of the sale.

James Vestal of Marcus & Millichap's Tampa office handled the sale.

“[That occupancy was] why we marked it as a value-add deal,” Vestal says. “In general the market vacancy in that area is around 15% so there is room to improve. The new owners have a pretty aggressive business plan for it. They plan to renovate some of the down units and the rest pretty much comes down to an aggressive marketing plan to get people in there.”

Knecht and Shurin own other properties across the country primarily in Las Vegas and Washington state.

The purchase entity, Rainbow City LLC, mortgaged the property to Hillsboro Bank for $960,000.