Golf Outing Tickets

The Real Deal Miami

Real estate investor buys trailer park near West Little River

Broker predicts property will be redeveloped as affordable housing in 5 to 10 years
By Amanda Rabines | October 06, 2017 05:24PM

Palm Lakes Mobile Home Parks and Colliers International South Florida’s Michael Lewin and Kevin Morris (Credit: apartments.com)

Real estate investor Steve Schneider just paid $6.25 million for a trailer park near West Little River in Miami.

Schneider bought Palm Lakes Mobile Home Park, a 6.9-acre mobile home park at 7600 Northwest 27th Avenue, from owners Jay Suarez and Yaniv Nakash, according to a release. It houses 120 mobile home pads, meaning the trade breaks down to about $57,500 per lot.

The deal was a “long-term investment purchase,” listing agent Michael Lewin of Colliers International South Florida told The Real Deal. He and his colleague Kevin Morris represented the buyer.

Lewin said Schneider does not intend to redevelop the property immediately. “Eventually, five to 10 years down the line, it’s likely the property can be redeveloped into affordable housing, depending on the what the surrounding area looks like during that time,” Lewin said.

The land falls under a recently-enacted North Central Urban Area District zoning code, which permits high-density residential and mixed-use development. The zoning allows for up to 90 to 100 units per acre, and 12 stories in height.

Mobile home parks are becoming prime targets for investors and developers. Last March, Sun Communities inked a $1.68 billion deal to acquire a large portfolio of mobile home communities, including 35 properties in Florida. Later last year, New York property firm Philips International purchased a trailer park in Hialeah for $12.64 million.