The Real Deal Miami

Mobile home park in Hialeah sells for $12M

Parks spans nearly 10 acres, trade breaks down to about $30 psf
By Amanda Rabines | March 01, 2018 01:45PM

Sunny Gardens Mobile Home Park (Credit: Apartments.com)

A nearly 10-acre mobile home park in Hialeah just traded hands for $12 million.

The Sunny Gardens Mobile Home Park at 2901 West 16th Avenue, was sold by a Miramar-based company, led by Michael Kemp, for about $30 per square foot, property records show. The five-parcel sale included properties at 1571 West 29 Street and 3099 West 16 Avenue.

The buyers are two Delaware LLCs, both led by attorney Mark Meland of Meland, Russin & Budwick. Meland declined to comment. The land falls under multifamily and industrial zonings, records show.

Hialeah Pura Vida Commercial LLC bought a 40 percent interest in the property and Hialeah Pura Vida Apartments LLC bought the remaining 60 percent. The seller provided $9 million of financing to the buyers, records show.

Big investment firms like the Carlyle Group have shown interest in buying mobile home parks. Carlyle paid $45.52 million for a 437-unit mobile home community in Boynton Beach last year. And Sam Well’s Equity LifeStyle Properties owns more than 145,000 lots in 32 states and British Columbia, according to its website. The company is known for snapping up distressed real estate and turning a profit.

Properties in the city have been snapped up lately. This week, a private investor paid $10 million for a 67-unit apartment complex in Hialeah. Prominent industrial investors like Codina Partners are also planning projects.