Roaring Fork Valley mobile homes purchase closes

Residents’ purchase of two mobile home parks in the Roaring Fork Valley closed on Wednesday at around 4 p.m. as ink dried on the contract between the seller, Investment Property Group, and the residents of the Aspen Basalt and Mountain Valley Mobile Home Parks.

This officially kicks off a new chapter for the two parks as resident-owned communities. 

“From that first meeting when the purchase price felt out of reach to closing day, the residents of Aspen Basalt never stopped believing in what was possible,” Tim Townsend, the program director of Thistle, a nonprofit that assisted the two parks in their purchase, said in a press release announcing the closing of the sale. “Their grit, unity, and partnership with so many local allies turned a once-daunting challenge into a lasting victory for affordable homeownership in the Roaring Fork Valley.”

Various local governments and private stakeholders in the valley have contributed more than $16 million toward the purchase, which places the ownership of the park in the resident’s hands. 

Pitkin County committed $3.25 million, Aspen $3.2 million, Eagle County $2.65 million, Snowmass $1.25 million, Carbondale $1.1 million, Basalt $600,000, and Glenwood Springs committed $100,000. Private donations from individuals and companies were also substantial, with $1.1 million coming from Atlantic Aviation and Aspen One committing $600,000. A single anonymous donation of $500,000 was among many other private contributions. 

The two communities also hosted several fundraising events that raised money toward the purchase. 

“There are 500 people (at these two parks), and they’re hard-working employees, they’re parents, they’re Longhorn soccer stars, they’re our neighbors,” Hannah Berman, sustainability and philanthropy senior manager at Aspen One, told The Aspen Times in September. Berman is also a councilor on the town council for the town of Basalt. “From a policy and philanthropy perspective, it’s a lot cheaper, and it’s more humane to keep people in affordable housing than build new, and so I think for the stability of those families, it’s important for our community.”

As mandated by Colorado law, when the owner of a mobile home park intends to sell, they are required to give the residents the opportunity to make an offer for the park and consider it “in good faith.” In the case of the Aspen Basalt and Mountain Valley Mobile Home Parks, if the communities could meet the steep asking price of $42 million for both parks, they would be able to take ownership. 

The initial goal for the purchase was to raise $20 million toward the parks, which were listed for sale March 11. The $20 million figure was decided upon after residents of both parks confirmed what they could reasonably afford the monthly payments on their homes. 

Residents of the two parks have been paying different rates on their rent depending on when they began residing in the parks, so following the purchase, some rents will rise more than others as rent rates equalize. Because only $16 million was raised of the initial $20 million goal, rent may be raised more than was initially calculated by the communities prior to the sale.

The remaining $26 million is provided through a loan from ROC USA Capital, a company that specializes in assisting and financing resident-owned purchases of mobile home parks from their owners. 

According to ROC USA’s website, resident ownership is done through a co-op that has the ability to dictate lot rates to pay off the mortgage on the property, detaching rent from potential market-based rent increases. They are also able to manage local park rules for themselves via the co-op, and improve facilities as needed. 

Following the acceptance of the residents’ offer in late July, local governments who contributed to the effort began to hear details on the deed restriction that would govern the parks, including protections from potential default or foreclosure and limits on how residents can sell their properties should they choose to leave at any point. 

“I’m comfortable that this is going to go forward, and we have a recourse of public funds that will not disappear if there’s a foreclosure or default,” Pitkin County Commissioner Greg Poschman said at the Sept. 25 meeting. “I think we’re well protected.”

Lorena Vargas, a resident of the Aspen Basalt Mobile Home Park and president of the park’s board, told The Aspen Times on Tuesday that the community is excited about the prospect of becoming a resident-owned community. 

“There is relief, there is excitement,” Vargas said. “We’re excited about the potential that our community has as stakeholders. It still doesn’t feel real, but we’re very grateful that the whole valley showed up to support our community.” 

Veronica Vargas, Lorena’s mother and resident of the Aspen Basalt Mobile Home Park, said in the press release, “For my family and me, becoming part of a resident-owned community provides a sigh of relief. After hearing the Aspen Basalt Park was up for sale, I feared my future as a homeowner in the Roaring Fork Valley would be short-lived. Through the generosity of community members and the hard work of our residents, we are now our own entity and never have to worry about the threat of eviction again!”