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Animas Park for Mobile Homes in Durango bought by investor

No plans to change use of 120-lot site

Animas Park for Mobile Homes is officially under new ownership as of Tuesday.

Dave Reynolds, real estate investor and principal owner of MHP Funds, said his company closed Monday and finalized details Tuesday on the property off Animas View Drive with no plans of redeveloping.

“As far as the park there, we just plan to operate it and rent the spaces out,” he said. “There are no other plans other than running it.”

He and business partner Frank Rolfe are purportedly the sixth-largest owners of mobile home parks in the nation with more than 8,000 lots in 17 states.

Reynolds, based in Cedaredge, declined to disclose the asking price of the park, and officials with the La Plata County Clerk’s Office said the sale price was confidential. However, they did disclose that Reynolds paid a $770 state-mandated documentary fee, which is calculated by charging 10 cents for every $1,000 paid for the park. Based on that information, Reynolds paid about $7.7 million.

His reassurance that Animas Park will remain a mobile community lifted a great burden off its residents, because details of the property transaction – and whether the park was even changing ownership – have been unclear for weeks.

Wilma and Ted Cooper have run the park for 35 years since they bought it in 1980. Wilma Cooper refused multiple requests for interviews with The Durango Herald about the reasons for selling and about notifying her tenants of the sale.

During November, tenants were on edge as rumors flew about the possible sale, which Cooper would not confirm. Residents said Tuesday that on Nov. 15, they received written notification about the transaction.

The Colorado Mobile Home Act requires a park owner to provide written notice to each tenant at least 10 days prior to the first scheduled closing of a sale or trade.

Reynolds said his understanding is that the Coopers sold because they are retiring.

Going forward, the $490 monthly leasing price for lot space may see an increase, but not immediately, Reynolds said.

“I’m sure we will (raise it) at some point, but I don’t have a certain amount at this time,” he said.

His first priority will be to finish installing water meters in the park, a project that is about 25 percent complete.

Island Cove Park, a mobile home community off Florida Road with close proximity to downtown Durango, has been on the market since June with a $6.75 million asking price. It has attracted the interest of several developers, but there have been no takers. Asked if he had similar intentions for Island Cove, Reynolds said his company did look at the property but decided against it.

“We don’t feel we could make it work as a mobile home park for what they’re asking for it,” he said. “I’ve heard they want to redevelop, and (my company) has never done that. If people have an investment in their home, they shouldn’t get kicked out.”

MHP Funds also owns properties in Montrose and Pagosa Springs. An attractive market drew his partners and him to Durango, Reynolds said.

jpace@durangoherald.com

Feb 8, 2019
When tenants become landlords of mobile home parks


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