Carlyle pays $45.5M for 85-acre mobile home park in Boynton

Private equity giant paid about $104,000 per home

Apr.April 13, 2017 03:30 PM

Royal Manor Estates mobile home park

The Carlyle Group paid $45.52 million for a 437-unit mobile home community in Boynton Beach, property records show.

Longtime owner Beverlee Miller Raymond of Royal Manor Mobile Home Estates Inc. sold the nearly 85-acre property at 4290 Royal Manor Boulevard to the Washington, D.C.-based private equity giant. Carlyle financed the deal with a $26.4 million mortgage from Berkadia. The site stretches across Gateway Boulevard, and includes a lake and clubhouse built in 1973.

Carlyle paid about $104,000 per manufactured home at the Royal Manor Estates. It’s limited to residents 55 years and older, according to the website. The Boynton Beach community is about four miles west of the beach.

Developers and investors have been picking up mobile homes across South Florida. The buyer of a trailer park in Miami’s El Portal neighborhood was sued by residents in 2015 for allegedly failing to help its 1,000 mobile home residents find replacement housing when the owner first tried to tear the property down. More recently, CK Prive Group paid $8.5 million for a 2.2-acre trailer park near Aventura Mall.

Carlyle could not immediately be reached for comment to discuss plans for the Boynton Beach project.

The asset manager is active in all three counties of South Florida. It’s co-developing an apartment tower for seniors called Overture Dadeland in Miami, and is expanding/renovating the Lauderdale Marine Center, a 50-acre property in downtown Fort Lauderdale. Carlyle has $158 billion of assets under management worldwide, according to its website.

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