Athena Real Estate acquires RV park in Saratoga area
Athena Real Estate, a Danbury-based real estate investment company, has acquired the Saratoga RV park, company officials announced this week.
Athena Real Estate specializes in RV parks, self-storage facilities, resorts and manufactured home communities. It operates the RV parks under the name Applebrook RV Parks. The latest acquisition is the company’s first in New York.
Saratoga RV Park, located in Gansevoort, N.Y., has 154 sites and amenities such as heated swimming pool, playground, camp store, hiking and biking trails, and video arcade. It is minutes away from Lake George and Saratoga Springs and offers service for seasonal and transient guests.
The property will be repositioned through capital improvements and additional activities, Athena officials said. The park may also be expanded.
“We are extremely pleased to acquire Saratoga RV Park, which is in a wonderful location for us. We are expanding our RV park and resort portfolio as well as our footprint,” Richard J. O’Brien, CEO and founder of Athena Real Estate, said. “We are continually on the hunt for high quality RV parks and resorts to purchase across the United States.”
The majority of the properties owned by Athena are in Florida, South Carolina and North Carolina. O’Brien said the firm targets the Southeast because of its growing population, especially with baby boomers, and affordable cost of living.
“Saratoga RV Park provides significant synergies with our other outdoor hospitality assets falling under the Applebrook RV Parks brand,” O’Brien said.
O’Brien founded Athena Real Estate in 2004 after a career as an executive of a mid-cap public REIT, or real estate investment trust, and a large real estate financial services and investment company.
Athena targets RV parks because it is a growing trend that he expects to continue with baby boomers retiring and younger professionals purchasing large RVs and demanding quality amenities and services at the parks, O’Brien said.
“Our philosophy is to obtain premium returns for value-added opportunities where focused and experienced management provide a competitive advantage,” he said in a previous interview with Hearst Connecticut Media.
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