The former mobile home park property sold at auction January 10th at the Courthouse in Downieville with Judge Charles Ervin presiding. Bidding were John Mosby of M3 Multifamily, LLC and Jim Johnson of Auburn. Jim Turner of Loyalton had planned on bidding yet had a personal check rather than the required cashier’s check. The Judge asked bidders of any objection and Johnson told how it is “important to follow the law.” Johnson had been at every potential bid. Mosby had not been involved before.
First bid was $150,000 by John Mosby after the Judge opened bidding at half a million dollars. Bidding was slow with Johnson increasing the bid by $1,000 at times. Final bid was
$205,000 by M3 Multifamily, LLC after Johnson announced $200,000 was his final bid. M3 Multifamily, LLC, according to its website, was formed in 2008 by John Mosby and Jon Martin for the purpose of acquiring, renovating and managing existing apartment communities in order to create stable cashflow and profits from sale for their investors. Property size ranges from 100 to 300 units.M3 presently owns nine apartment communities in four cities; Austin, Nashville, Reno, and Tucson, totaling 1,749 units. Most of these properties are self-managed through M3’s affiliated property management company, M3 Property Management, Inc.
John Mosby is Managing Partner of M3 Multifamily, and President of M3 Property Management, Inc. John specializes in the acquisition, asset management and operational management of each property. John has been in the multifamily housing industry since 1989. Prior to forming M3 Multifamily, Mosby was a VP with NALS, Inc. since 1995, where he was responsible for asset management on over 6,000 apartment units in Arizona, New Mexico, Texas, Georgia and North Carolina. Since 1989 Mosby has overseen the management of over thirty-five multifamily communities in eleven cities, and has extensive experience in acquisitions, due diligence, inspections, staff management, regulatory administration, asset repositioning and renovation.
Doug Lawler, who has lived in Sierra Brooks four years, attended the auction and will be Managing Partner. Mosby and Lawler stated they were "good investors and a strong team," with a good plan and acknowledged the transition would be a long one. They are very interested in rebuilding the community in a positive way.
Following the auction, the Judge explained how liens would transfer to the sales proceeds and would give 30 days for presentation of any claim with claim forms to be used, although claims don’t have to be on the form.
Friday, February 14th is a Claims Bar date by noon for any part of the proceeds. The Judge stated some may be former tenants and he advised filing a claim, stating no one should risk not filing. There will be a review 30 day after the filing of claims, on February 25th at 2 p.m. and court appearances will be determined.