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

Miami /
Aug.August 26, 2018 11:00 AM

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.

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


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
arrow_forward_ios

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

Loading...