The Real Deal Miami

Two manufactured-home properties in Sarasota sell for $165m

Phoenix-based Cove Communities paid $90.75M for Camelot Lakes Village and $74.22M for Camelot East Village, which rent sites to owners of 968 manufactured homes
October 20, 2018 02:50PM

Camelot East Village in Sarasota (Credit: Business Observer)

One Arizona entity paid another $165 million for two manufactured-home properties that straddle Interstate 75 in Sarasota.

The acquisitions by Phoenix-based Cove Communities increased to nine the number of manufactured-home properties and recreational vehicle parks the company owns in Florida.

The acquired properties cover a combined total of 239 acres and have 968 homes. The sale price per home site was about $170,400.

They are located on the east and west side of I-75 just north of Clark Road on the south side of Sarasota.

The seller of the manufactured-home properties was The Ben and Catherine Ivy Foundation of Scottsdale, Arizona.

The 434-home, 120-acre property east of I-75, called Camelot East Village, sold for $74.22 million.

The 534-home, 119-acre property west of the interstate, Camelot Lakes Village, sold for $90.75 million.

Court records show that the Ivy Foundation notified the owners associations at Camelot East and Camelot Lakes  of its intent to sell, and residents did not exercise their rights to acquire the properties first. [Sarasota Herald-Tribune]Mike Seemuth