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BoaVida Sees Gold in the Silver State, Acquires Six Nevada Communities
Photo courtesy of BoaVida Group
by Patrick Revere
The BoaVida Group, owner and operator of mobile home and RV communities across the country, has acquired three properties in Las Vegas and three in Winnemucca in a single transaction.
This continues a pattern of growth that, in 2019, added more than $150 million of properties to the $300 million the company already owns and operates.
In Las Vegas, BoaVida purchased the Arrow Palms, La Villa and Las Palmas mobile home parks, adding 214 spaces to its portfolio at a cost of just under $11 million.
“These are ‘all-age’ communities, which means we are providing a significant amount of workforce housing that is within 20 minutes of downtown Las Vegas,” said BoaVida’s Eli Weiner.
In Winnemucca, the company acquired the 100-space Carriage Court mobile home park along with two apartment complexes in a transaction valued at $6 million.
BoaVida already owns and operates the Silver State mobile home park in Carson City and Desert mobile home park in Las Vegas, each with 80 spaces.
“The rapid pace of acquisition continues through the COVID-19 situation, with the company looking for fewer but larger opportunities this year, probably 20 to 25 parks with a total value of $120 million,” Weiner said.
Weiner created an investment fund last year to facilitate the company’s growth. The company acquired 34 communities totaling more than 3,200 spaces from California to Rhode Island.
“Our relationships with lenders have been very favorable. Title companies and county recorder's offices are operating," he said. "While the COVID-19 environment slows things down in terms of processing, it also means some buyers are unable to perform and we are ready to fill that gap.” MHV
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