Mike Fry

SOLD: Galveston Bay RV Resort for $5,000,000

(01/2014) Baytown, Texas – Mike Fry of KW Commercial has brokered the sale of Galveston Bay RV Resort at 2000 Tr City Beach Road in Baytown, Texas, just miles from several large oil refinement plates slated for explosive employment growth over the next several years. It sold for $5,000,000 at a 12% cap rate on 2013 year-end NOI. The local bank provided 80% LTV on a new loan with very competitive rates and terms. The investment set a new high benchmark sales comparable, based on a price of $35,714 per space. Fry successfully closed the transaction within 45 days of the contract effective date. The transaction was 100% occupied at the time of closing, with a wait list.