Capstone Manufactured Housing brokered the sale of three mobile home communities in FL that totaled more than $10M last month. Kevan Enger of Capstone Manufactured Housing’s Orlando office represented both the buyer and seller in these transactions.
FORT MYERS, FL—Capstone Manufactured Housing has brokered the sale of Orange Grove MH & RV Park for $3,850,000 or $30,314 per lot. The 127-lot property was acquired by Summit Communities. The buyer is Florida’s most active buyer of mobile home communities and this was a great opportunity for them to enter the Fort Myers market. Currently rents are below market, with this acquisition, the buyer can increase rents and drive revenue.
ST. PETERSBURG, FL—Capstone Manufactured Housing has brokered the sale of Westgate MHP for $1,440,000, or $35,121 per lot, in burgeoning St. Petersburg. The 41-lot property was purchased by Ivie Lane Partners. This is the buyer’s first mobile home park purchase and was attracted to the market, city utilities, and rental upside.
RIVERVIEW, FL—Capstone Manufactured Housing is pleased to announce the sale of Riverlawn Mobile Home Park. Located on a scenic waterfront in the thriving Tampa MSA, Riverlawn MHP attracted numerous offers. With 100% occupancy, the 124-lot property was sold for $4,925,000 or $39,717 per lot to Affordable Communities Group, LLC from Riverlawn Properties, LLC.