To The Daily Sun,
Once upon a time, there was a very successful modular home park (Briarcrest) of 240 homes. One sunny day, it was announced by the owners that the park was to be sold to a small firm in Florida. Many residents went on the Web, only to discover that the proposed buyer was in no position to undertake a $10 million purchase. Soon enough, it became obvious that it was a "shell company" which fronted for a $1 billion asset real estate investment trust. This offer by the Dark Force was rejected and Briarcrest became a co-op, which is now successfully poised for its third year anniversary on
But, the Dark Force has returned — with promises of hundreds of thousands of dollars for infrastructure.
One fact is paramount, a sale of Briarcrest would take a viable operation from 100 percent control by its residents to zero percent.
We would hope that the desire of the REIT to own Briarcrest will be overcome by the pride of the home owners to stay independent.