Rick Barnett: Elevating Garage-Condo Investments to a Fine Art

1024 464 Monterey Motorsport Park
Rick Barnett, managing director for art exhibitions and media sales for Redwood Media Group, understands art. And he appreciates fine commercial real estate investment opportunities.

 

In 2017, Barnett invested in two garage-condos at Garage Unlimited of Monterey. In one of the units, he stores an art collection (both auto and non-auto-related), automobilia keepsakes, plus a number of cars in his growing car collection. He rents his other garage-condo to a fellow collector, who went on to purchase two units of his own at Garage Unlimited.

Encouraged by that experience — the strong demand for the garage-condos, the rising resale values of the units and the camaraderie he’s enjoyed as part of the unique car community, Barnett was at the very front of the line when Monterey Motorsport Park was announced as the next generation in luxury, upscale garage-condo facilities, scheduled to break ground in August along Highway 68 near the Monterey Airport.

A Community of Like-Minded Collectors

In his work, Rick rubs shoulders with artists, publishers and gallery owners who come to Redwood Media’s art exhibition trade shows nationwide to view or purchase the art on display. So he knows a thing or two about mixing and mingling with like-minded enthusiasts. And that’s one of the big things that have attracted him to invest in Monterey Motorsport Park.

“If you’re a car guy, motorcycle guy or collector of any kind — wine, art or what have you — and you want to be part of a unique collector community, it’s hard to beat the unique demographic and true fellowship you’ll find at Monterey Motorsport Park,” said Barnett. “This is a one-of-a-kind opportunity.”

Although Barnett’s been a car guy since the day he got his driver’s license, he didn’t start collecting until about four years ago. But his love for fine machines — like fine art — has led him to acquire nine vehicles to-date. Although he does have a special fondness for Porsches, his collection currently revolves around cars that have played some role in his life story. And then, he carefully evaluates the investment potential of the cars he’s most interested in.

Barnett has reserved two garage-condos at Monterey Motorsport Park:

  • A larger, drive-through 2,100 sq. ft. unit in Building A that has the versatility to accommodate a 45-foot RV if desired. The unit is surrounded by interesting neighbors, and Barnett views the space as an ideal rental.
  • A somewhat smaller unit in another building that he’s planning to keep for his own use to accommodate his growing collection of Porsches

Mezzanines Make the Community

Like at the long sold-out Garage Unlimited, what makes Monterey Motorsport Park special is that every garage-condo includes a mezzanine 13 feet above the garage floor — accessible via an interior staircase. Owners like Barnett are customizing these mezzanines with personal

offices, space for an administrative assistant, a conference room, executive bar, kitchen, and more. Wiring for Internet service and cable TV hookups are also available, so individuals will have access to everything needed to create a unique office or leisure-time retreat. This is what differentiates Monterey Motorsport Park from any other storage facility.

“You aren’t just buying storage,” Barnett explains. “You’re buying ‘membership’ in a ‘private club’ — only without the membership dues.”

Continues Barnett, “At Garage Unlimited, we just hosted our first owners’ event — we ended up with more than twice the number of owners, friends and business associates in attendance than we expected. The gathering was catered — there was great food and a fabulous selection of cars on display. Where else can you be part of something like this?”

50% of Garage-Condos Already Spoken For

With all the excitement surrounding the exclusive garage-condo complex, demand has been so strong that already 50% of the 86 units ranging from just under 700 sq. ft. to around 2,100 sq. ft. have been reserved. The units offer:

  • Oversized rollup doors for easy vehicle access
  • Walk-in doors for comfortable entry by you and your guests
  • Security features such as video of the facility’s perimeter and unit entry doors — with 24×7 monitoring and proactive warning off of intruders; plus access-controlled entry gates and security lighting
  • Available for personal or business usage (the latter with minimal impacts on parking, traffic and water — see CC&Rs for full details)

“The people involved in this project are amazing,” remarks Barnett. “The development team and owners include some pretty remarkable individuals. But you don’t have to have a multi-million-dollar collection to be here. We have a number of guys whose cars average $40,000 to $50,000. They love their cars and this is a place they can tinker with them and enjoy the company of other car enthusiasts. It’s a great collector community.”

Construction Starts in August

With construction due to begin in August, now’s the time to get in before the remaining inventory goes quickly.

For more information regarding Monterey Motorsport Park, contact us today!

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