A Clarence real estate investor has acquired a pair of mobile home parks in Depew, gaining 86 "pads" or sites for $2.1 million.
Al Benedicto, through Benedicto Holdings LLC, paid $1.3 million to acquire the park at 5910 Transit Road from Tom Stanley of Orchard Park, through Stanley Holdings LLC.
He also bought the park at 10 Cayuga Road from Stanley, for $800,000.
The Transit site has 51 pads, while Cayuga has 35. Both parks, constructed in the 1950s, are fully occupied, and interest was high, said Gary Greco, co-owner of Greco Real Estate, who represented Stanley along with his son, Gary Greco Jr.
"Since there's not a lot of multifamily out there, people are going into mobile home parks and self-storage," Greco said. "Mobile home parks are not as day-to-day as apartments. People own their homes and basically rent a pad."