Red Oaks mobile home park for sale for $15 million
Published 12:56 pm Wednesday, May 3, 2023
- The owner of the Red Oaks mobile community is planning to sell the 178-lot park for $15 million. (Photo by Stephen Faleski | The Smithfield Times)
The Red Oaks mobile home park off Benns Church Boulevard may change hands for the first time in 35 years.
According to a state notice, the 178-lot community went on the market April 28 for a listed price of $15 million.
The Virginia Manufactured Home Lot Rental Act requires mobile community landlords to provide their tenants and the Virginia Department of Housing and Community Development with written notice at least 90 days ahead of accepting any purchase offer.
Brent Bollin, a resident of the park since 1996, told The Smithfield Times he received his copy of the notice in the mail on May 1.
The notice lists Coastal Investors LLC of Virginia Beach as Red Oaks’ current owner. According to county records, Coastal Investors has owned the park since 1987.
The park itself predates Coastal Investors’ ownership and has been in existence at least since 1975, when it was known as the Isle of Wight Mobile Village, according to the Times’ archives.
In 1985, Isle of Wight County supervisors approved a 191-lot expansion of the park that has yet to come to fruition.
Coastal Investors did not immediately respond to the Times’ request for comments.
