Florida: Manatee Manufactured Home Community Sells for $80 Million
For Manatee County, Florida, the recently closed escrow represents one of the regions priciest real estate transactions.
Florida is home to some of the finest and most desirable manufactured home communities in the United States. Many of these communities are older mobile home parks that have been beautifully maintained and upgraded over the years. Now under heavy demand by investors, stakeholders are seeking the lucrative cash flow revenues that these communities generate.
In a recent post, we passed along a report the largest operator of manufactured home communities in the U.K. was in the final stages of purchasing five manufactured home communities in the Sunshine State.
On the heels of that report – “Legendary U.K. Mobile Home Park Operator Coming to America” – another large luxurious manufactured home community on the Gulf Coast has been sold to a Fortune 500 company.
Manatee County, Florida: Closed Escrow
In one of Manatee County’s most audacious real estate transactions for 2017, The Gardens of Parrish manufactured home community has successfully closed escrow. Sold for a reported $80 million, according to the Herald Tribune, “the purchaser of The Gardens of Parrish was an affiliate of Northwestern Mutual Life Insurance Co., which acquired the 645 space park at 11300 N. U.S. 301, according to a recently filed deed.
The 132-acre community was sold by a company headed by Edward Mihevc Jr. Mihevc acquired it out of bankruptcy in 1993 when the park was occupied with just 72 homes. Today the park has about 1,200 full-time and seasonal residents that own their manufactured homes and rent the space from the park ownership.
Northwestern has hired Murex Properties of Fort Myers to manage the property.
The Gardens of Parrish is a premier active adult manufactured home community located on the Gulf Coast of Florida. Only minutes from Bradenton/Sarasota, the community is less than an hour south of Tampa Bay/St. Petersburg, and only 30 minutes to the beautiful Gulf Coast.
Northwestern Mutual had been a lender on the property for 10 years, according to county records.
“Our company invests in many residential properties across the country,” said company spokesperson Betsy Holyman. “As a lender, we had a good relationship with the Gardens’ previous owner and recognized this property would make a fine addition to our portfolio.”
The Milwaukee-based company reports $250.4 billion in revenues and $1.6 trillion worth of life insurance protection in force.
Beni Barrett, president of The Gardens Homeowner Association, said the new owner has not indicated any plans to raise rents. “We met with the new owners and management, and everything seems it is going to be in the future as it is now,” said Barrett.
The association, after learning about their community being sold, did not make a counter offer as allowed by Florida state law.