Investment Property Group
Market Updates, News

Lakewood WA…Sale may save trailer park

November 30, 2010 by · Leave a Comment 

A Lakewood mobile home park that the city has threatened to close because of health and safety violations may receive a new lease on life this week.

Pierce County Superior Court Judge Katherine Stolz on Friday will consider a request by a court-appointed receiver to sell the property to Christopher Opie for $800,000, court records show.

The receiver, Renee Rouleau, hired a broker and received eight offers on the property, which were later narrowed to three.

Rouleau stated in a court declaration that Opie’s is the most favorable because of a large cash payment and his “significant experience operating commercial properties.” Opie would pay $250,000 in cash and pledge payment of the remainder in a promissory note secured by the property.

“Mr. Opie has the financial ability to bring the deteriorating condition of the property up to standard that will improve the living conditions of the residents, and ensures the secured creditors receive a return on their investment,” she stated.

Opie did not return phone messages seeking comment.

The future has been uncertain since at least last spring for the mobile home park on the 12600 block of Bridgeport Way, near the main gate of McChord Field.

The city threatened to close the park of about 60 households unless someone stepped forward with a plan and money to address the problems.

Residents said they would have nowhere to go if the park were closed. Several of them showed up at a City Council meeting in early August, asking for help and holding signs such as “Don’t Take Our Homes Please” and “Save Our Homes.”

Fir Acres tenants and the city say the fault lies with the property owner, SLI Associates LLC, for allowing the property to fall into disrepair before abandoning it. Almost all of the tenants own their homes and rent their spaces.

The city removed 10 decrepit mobile homes this year and completed some cleanup in April. It placed a $85,000 lien on the property to recover costs for the work.

Lakewood officials said the abatement was the most significant the city has handled since it incorporated in 1996.

They had initiated a second abatement but canceled it when Rouleau made repairs so the property’s electrical system met minimum standards. A representative of SLI Associates has said the owners abandoned the property because it refused further investment in a “big money hole.”

Before resigning, the investment manager for a group of investors and another individual who hold the two mortgage loans on the property then petitioned the court to appoint a receiver to manage the property.

Since then, Rouleau has been working with the city and seeking potential buyers in an effort to keep the park open. The new buyer must work with the city to resolve the remaining issues.

David Bugher, the city’s assistant city manager for development, said a third abatement notice has been proposed to remove carports and lean-tos on the property. He said that process wouldn’t be initiated until after Christmas.

“They’re dilapidated and in a state of falling down,” he said.

Down the road, the city would shift its attention to individual mobile homes. Bugher said landings connected to the mobile homes weren’t built to code and some dwellings have been altered without permits.

“Some of those units may not survive this process,” Bugher said. “But, again, one step at a time. We’re taking baby steps here.”

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!

Investment Property Group