The Real Deal Miami

Mobile home park in West Palm sells for $19M

Property includes 435 home sites on 83 acres
By Amanda Rabines | October 04, 2018 05:30PM

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.