The Real Deal Miami

Riverstone Communities grabs Medley mobile home park

Michigan company pays $12 million for property that seller owned for 45 years
June 16, 2014 11:15AM

soldfeechThe Medley Mobile Home Park changed hands for $12 million.

A company tied to Birmingham, Mich.-based Riverstone Communities acquired the 8181 Northwest South River Drive park in a transaction recorded last Tuesday, according to Miami-Dade County records. Riverstone obtained a $9 million mortgage from General Electric Capital Corp. for the purchase.

The seller is 7200 Corp. of Hialeah. It owned the property for 45 years before the sale to Riverstone, according to county records. Miami-Dade’s property appraiser website does not identify the size of the mobile home community.

A private company founded in 1998, Riverstone owns and operates more than 60 mobile home parks in 11 states, according to its website. — Eric Kalis