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South Florida

Life insurer pays more than $10M for manufactured housing park in Punta Gorda

The previous owners sold the 18-acre property for more than triple the price they paid in 2007

Riverside Oaks (Credit: MHVillage.com)
Riverside Oaks (Credit: MHVillage.com)

Northwestern Mutual Life Insurance Co. paid more than $10 million for an 18-acre manufactured housing park in Punta Gorda.

Michael and Gina Cook sold Riverside Oaks and its 102 rental sites for manufactured homes to the life insurer for more than triple what they paid in 2007.

Opened in 1990 with nature trails among mature trees, the manufactured home park at 27205 Jones Loop Road has a 55-and-older tenant base.

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The Cooks paid $2.9 million for Riverside Oaks in 2007 through their company Lawndale Mobile Plaza Inc., an Ohio corporation with an address in Nokomis, a town about 17 miles south of Sarasota.

Northwestern Life has accumulated this type of income-producing property in Southwest Florida.

Before closing on Riverside Oaks, Northwestern already owned another manufactured home park nearby on James Loop Road, a 273-space property called Ventura Lakes.

Last year, Northwestern bought a 645-space manufactured home park called The Gardens of Parrish. The 132-acre property in the Parrish area of unincorporated Manatee County sold for $80 million, one of the county’s biggest real estate deals in 2017. [Sarasota Herald-Tribune] – Mike Seemuth