FOR IMMEDIATE RELEASE
CONTACT: Richard J. O’Brien
Athena Real Estate Acquires Cypress Gardens Campground and RV Park in Central Florida
DANBURY, Conn., Oct. 20, 2008 (GLOBE NEWSWIRE) -- Athena Real Estate, a real estate investment and advisory firm focused on specialty collateral types, announced the acquisition of the Cypress Gardens Campground and RV Park (formerly Holiday Travel Park), a 191-site campground located in Winter Haven, Florida (www.cypressgardenscampground.com). The acquisition included the related RV sales and truck rental and storage businesses. The interests were sold by a retiring businessman.
Richard J. O'Brien, Chief Executive Officer and Founder of Athena Real Estate, commented "We are extremely pleased to close on this strong cash-flowing, value-added opportunity, which is our first RV park. There is a lot of upside in operating and improving this well-located property, which is in close proximity to Central Florida's family and retiree attractions. There are also synergies with Lucerne Lakeside MHC, a 140-site 55+ manufactured housing community that we own in Winter Haven."
"The lender that provided financing on the purchase was Old Southern Bank, a community bank headquartered in Orlando," O'Brien added. "It was a pleasure to work with this institution that provided certainty of execution, which is extremely important in today's lending environment."
O'Brien added that "Athena Real Estate continues to seek investments with strong cash flow across niches on the East Coast from Florida to Maine."
Athena Real Estate, LLC is located at 100 Mill Plain Road, 3rd Floor, Danbury, CT 06811.
About Athena Real Estate
Athena Real Estate, LLC (www.AthenaRealEstate.com) is a real estate investment and advisory firm focused on specialty collateral types, including manufactured housing communities, RV parks, and self storage facilities. The Company's operating philosophy is to obtain premium returns by acquiring niche property types where focused management can provide a competitive advantage. Athena was founded by Richard J. O'Brien, who is a former executive of a mid-cap public REIT and a large real estate financial services and investment company.