ARA’s National Manufactured Housing Group Executes Sale of Lake Bryant Manufactured Home Community in Florida

ARA’s National Manufactured Housing Group Executes Sale of Lake Bryant Manufactured Home Community in Florida   Buyer Acquires a 180–Site All Age Community in Ocklawaha, Florida   Ocklawaha, Florida   (June 16, 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 Lake Bryant Manufactured Home Community in Ocklawaha, Florida. ARA National Manufactured Housing Group’s Andrew Shih and Brian Vita (based in Austin, TX) and Todd Fletcher and Jon Shay (based in Denver, CO), represented the institutional Seller. The property was sold to a private owner/ operator. "It was a rare opportunity to acquire a Recreational Vehicle (RV) Community in Florida that also has a Manufactured Home (MH) component all in the same property," said Shih. He added, "The MH side provides stable, annual cash flow to help with the slower off season months when the RV side slows down."

"With over 15 offers on the property, there was tremendous interest from investors wanting to acquire this REO asset due to the outstanding management turnaround opportunity. The community was offered at an attractive basis with the potential to improve RV operations through a comprehensive marketing effort," said Fletcher. Constructed in 1969, Lake Bryant is a large, scenic, low density, REO community with 84 MH sites and 96 RV sites and has the potential to expand. The property is situated on beautiful Lake Bryant in the heart of the Ocala National Forest which offers 383,000 acres of pristine forest land and home to more than 600 lakes, rivers and springs. Amenities offered to residents and guests include a private on-site beach with lake access, a new boat ramp, a spacious clubhouse built in 2004, a community store, shuffleboard, horseshoes, volleyball, and basketball. The residents of Lake Bryant enjoy Easy access to Ocala, FL, 22 miles to the West and the Village of Ocklawaha, only 10 miles to the South, offering options for dining, cinemas, bowling and golf. The community is in close proximity to some of Central Florida’s most popular vacation destinations, including Daytona Beach 60 miles to the East, and Disney World only 75 miles to the South. 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 ablount@arausa.com, 512.637.1229.