With the affordable housing crisis hitting the West coast metros the hardest and big tech companies committing to fund new developments, Californian investors are focusing on second- and third-tier markets for growth opportunities.
Big Bass Park, a manufactured housing community in Checotah, Okla., has traded for $1.4 million according to The Oklahoman. According to public records, an entity connected to Sacramento, Calif.-based The BoaVida Group purchased the 105-site property and received an almost $1 million acquisition loan from Five Star Bank. The seller was Superior Management Co., which comprises three sisters who inherited the property from their parents.
Located at 427575 Catfish Road, the asset is adjacent to Lake Eufaula and less than 1 mile from retail and dining options, as well as 1 mile from Porum Landing Recreation Area. Developed by the sellers’ parents, the community also features storage for 70 boats.
In a separate deal, California-based Arena Realty Partners spent $900,000 to purchase Rolling Acres, a 30-site manufactured housing and RV community in Oklahoma City. Public records show that First Oklahoma Bank originated $720,000 in acquisition financing for the new owner.
Located at 1012 S.E. 42nd St., within walking distance of public transit and dining options, the community is less than 1 mile from Interstate 35. Rolling Acres is situated on approximately 3 acres and includes 30 mobile home sites and storage space for four recreational vehicles.