Mobile home park in West Palm sells for $19M

Property includes 435 home sites on 83 acres

TRD MIAMI /
Oct.October 04, 2018 05:30 PM

Meadowbrook Mobile Home Park

UPDATED Oct. 18, 11:40 a.m.: An 83-acre mobile home park in West Palm Beach just traded hands for  $19.2 million.

Property records show a family investment group sold the Meadowbrook Mobile Home Park at 1531 Drexel Road for about $44,000 per home site, or $231,000 per acre. The property includes 435 mobile home sites.

Daryl Stair and Carol Stair, with a shared 21.4 percent interest in the property; Carley Stair with 33.3 percent; the Searls Family LLP with another third interest in the property; and Rebecca Stair and Steven Stair, each with 4 percent, sold the Meadowbrook property.

The buyer is Meadowbrook WPB MHC, an entity linked to Lakeshore Management, a Skokie, Illinois-based national mobile home community operator. A representative said the company plans to manage the property, but holds no ownership interest.

Records show the mobile home community previously sold in 2007 for $15.25 million.

In November, another entity linked to Lakeshore paid nearly $13 million  for a 33-acre mobile home park in Davie.

Large investment firms like the Carlyle Group and Sam Zell’s Equity LifeStyle Properties have also been buying mobile home parks in South Florida. Carlyle paid about $46 million for a 437-unit mobile home community in Boynton Beach last year.

A joint venture between Prestige Companies and Summit Property Group also recently announced plans to replace a 60-unit mobile home community with a $100 million multifamily community.

Correction: A previous version of the story misrepresented Lakeshore Management as the buyer. 


Related Articles

arrow_forward_ios
Charles Cohen and a rendering of the project (Getty, Pelli Clarke Pelli Architects)

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm
4700 North Congress Avenue and Velocis Managing Partner Fred Hamm (Google Maps)

Private equity firm sells West Palm medical offices at discount

Private equity firm sells West Palm medical offices at discount
Stephen Ross and a rendering of Rosemary Square (Getty, Related)

Security firm sues Related Cos. affiliate, alleging unpaid services at Rosemary Square

Security firm sues Related Cos. affiliate, alleging unpaid services at Rosemary Square
101 Palmetto Lane (Credit: Google Maps)

Garden of Life exec sells waterfront West Palm Beach home for $6M

Garden of Life exec sells waterfront West Palm Beach home for $6M
A few of the properties in Palm Beach County (Credit: Google Maps)

Feds seek to seize 11 properties in Palm Beach County allegedly tied to money laundering

Feds seek to seize 11 properties in Palm Beach County allegedly tied to money laundering
Renderings of the projects and Greg West

ZOM buys land in Coral Gables, West Palm for senior living projects

ZOM buys land in Coral Gables, West Palm for senior living projects
Hyperion Group Partners CEO Rob Vecsler and 350 South Australian Avenue (Google Maps)

Hyperion partners with Winter Properties, plans first project in West Palm Beach

Hyperion partners with Winter Properties, plans first project in West Palm Beach
Hilary Musser and 3208 Washington Road (Getty, Realtor.com)

Interior designer buys waterfront West Palm Beach property

Interior designer buys waterfront West Palm Beach property
arrow_forward_ios

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

Loading...