Sought-After RV Park Generates Multiple Offers Even During the Escrow Process

An RV park located at 10914 N. L St. in La Porte recently sold at a purchase price of that was 19.25 percent over the asking price with multiple offers. The property totals 17 pad sites positioned on 2.49 acres. This RV park is in a high barrier to entry market with access to Highway 225 and Highway 146.

CXRE’s Cody Pruitt, senior investment sales manager of the Houston office, and Robin Francis-Baker, investment sales manager of the Dallas office, represented the seller.

“This unique climate in our market is a great opportunity for investors to benefit from the cashflow and convert into new acquisitions,” says Pruitt.

Oakdale Estate LLC, the seller, and 10914 LLC, the buyer, coordinated efforts to obtain a change in a city ordinance because the property was considered nonconforming. Under the previous city ordinance, the current asset use was not permitted when the ownership changed. Together, the buyer/seller were able to work with the city and have the asset comply under new ownership.

“This sought-after property generated multiple offers and they continued during the escrow process,” says Francis-Baker.