Sam Zell’s Equity LifeStyle Properties pays $50M for mobile home community in Davie

Everglades Lakes includes 612 mobile home pads

TRD MIAMI /
Jul.July 23, 2018 05:45 PM

Everglades Lakes and Sam Zell

Sam Zell’s Equity LifeStyle Properties just paid $50.35 million for a mobile home community in Davie.

Property records show Zell’s Equity LifeStyle affiliate MHC Everglades Lakes LLC purchased the nearly 100-acre Everglades Lakes mobile home community at 2900 Southwest 52nd Avenue. The park includes 612 mobile home pads, meaning the trade breaks down to about $82,280 per lot.

The seller, Everglades Lakes Mobile Home Community LTD, is led by Marjorie L. Black. Records show the company bought the property in 1971 for $1.6 million. It was completed in 1973.

In 2016, the company scored more than $2 million in financing from Centennial Bank. It’s unclear whether the financing went toward improving the project, but according to a notice of commencement filed in Broward County, the seller recently replaced a 20-ton water-source heat pump at the property.

The clubhouse at Everglades Lakes was also recently renovated, according an online brochure. Other features include gated security, a heated swimming pool, laundry facilities, shuffleboard, a fitness center and some homes with lake views.

Equity LifeStyle Properties, a real estate investment trust, owns more than 400 communities and resorts in 32 states and British Columbia, according to its website. The company is known for snapping up distressed real estate and turning a profit. In October it scored a $204 million loan for a group of mobile home communities across the nation.

South Florida’s mobile home parks are becoming prime targets for investors and developers. Earlier this year, two neighboring mobile home communities in Hialeah were picked up by separate investors for nearly $20 million, combined.

Last year, the Carlyle Group paid $45.52 million for a 437-unit mobile home community in Boynton Beach and in 2016, Sun Communities dropped $1.68 billion for a portfolio of mobile home communities throughout the nation, including 35 properties in Florida.


Related Articles

arrow_forward_ios
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)

Sunrise affordable senior housing facility sells for $30M

Sunrise affordable senior housing facility sells for $30M
Mark Zilbert

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
(Credit: iStock)

Home sales dropped big time in South Florida in April

Home sales dropped big time in South Florida in April
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Renderings of different versions of the project with Matt Rieger

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown
Pharrell Williams (Credit: Ethan Miller/Getty Images)

South Florida by the numbers: Bright spots in a challenging market

South Florida by the numbers: Bright spots in a challenging market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...