Buyer Acquires an All Age RV Park in Reno, Nevada
Reno, Nevada (October 27, 2014) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Bonanza Terrace RV Park in Reno, Nevada.
ARA National Manufactured Housing Group’s Andrew Shih (based in Austin, TX), Todd Fletcher and Jon Shay (based in Denver, CO) represented the Seller, a Special Servicer. The purchaser was a private individual based in northern California.
“Bonanza Terrace RV Park was an excellent opportunity to acquire an attractive asset in a growing economic and tourism market that is perfectly positioned to provide transient and longer term tenants a clean, quiet, affordable place to stay,” said Shih.
“The interest to acquire this asset was intense,” said Fletcher. “We received 16 offers in just over three weeks of marketing,” said Fletcher. “There is very little product available to purchase and as a result, we continue to see a large number of investors chasing our deals,” added Fletcher.
Bonanza Terrace is conveniently located just off of NV-365 and is minutes from downtown Reno, famous for its many casinos and resorts. The bus stop just outside the park makes traveling to nearby attractions easy and convenient. These attractions include several casinos, the University of Nevada Reno, the National Automobile Museum and the National Bowling Stadium all of which can be reached within 25 minutes by bus. Lake Tahoe, the largest alpine lake in North America, sits just an hour away and is renowned for its picturesque ski slopes in the winter and water activities in the summer. The Legends of Sparks Marina, a premier $1.2 billion retail destination with more than 1 million square feet of stores, sits less than 20 minutes away from the RV Community. Additionally, Amazon is moving a fulfillment center to North Reno, adding 600 to 900 full time jobs and up to 4,000 temporary jobs during the holiday season; Bonanza Terrace is one of the closest RV parks to accommodate seasonal workers.
To schedule an interview with an ARA executive or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Allison Blount at email@example.com, 512.637.1229.
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.