Tri Cities RV Park
Description
Developed in 1968, this value-add extended stay RV park is located in Kennewick, WA. The asset was under managed and benefited from capital improvements to the grounds, signage, fencing, and overall aesthetic upgrades. Rents were stabilized and vacancies were filled over the course of the first year, improving monthly collections by over 19%. The Pilot team also negotiated favorable seller financing terms with no prepayment during the acquisition process.
Outcome
After approximately nine months of operations, Pilot received an unsolicited offer to purchase the park. The original hold period was projected to be five to seven years, but the market conditions and contract negotiations allowed us to exit this asset and exceed our 7-year projected sales price by month 13. This investment exceeded expectations on all levels.
Tri Cities RV Park
Kennewick, WA
Value-Add
RV/Mobile Home Park 142 units
December 2019 – December 2020