Sam Zell’s Equity LifeStyle Properties just bought the Palm Lake Mobile Home Park near Riviera Beach for $48.96 million.
Property records show Equity LifeStyle affiliate MHC Palm Lake LLC purchased the roughly 50-acre property at 7272 42nd Way North from Palm Lake Cooperative Inc., led by Bonita Richter. Previous sale information was not available online.
The park is a senior manufactured home community that consists of 922 mobile home pads. The deal breaks down to about $53,000 per lot.
Records show the buyer entered into a 20-year contract to keep the 55-plus age restriction on the property – so long as the community stays intact.
Equity LifeStyle also plans to invest $3 million within the next three years to improve the community’s common areas and infrastructure, records show. Features at Palm Lake include a clubhouse, swimming pool and activities like horseshoe, shuffleboard and fishing.
The real estate investment trust owns more than 412 communities and resorts in 32 states and British Columbia, according to its website. The company is known for snapping up distressed real estate and turning a profit. Over the summer, it paid $50.35 million for a 100-acre mobile home community in Davie.
While Equity LifeStyle is busy picking up mobile home communities, a number of developers are buying and converting older ones into new mixed-use projects. A joint venture between Prestige Companies and Summit Property Group is planning a $100 million multifamily project that will replace the Lion Miami Terrace mobile home community along the six-mile long Ludlam Trail linear park.
A joint venture between Coral Rock Development Group and Arena Capital Holdings is also replacing a mobile home park to develop Pura Vida Hialeah, a new $70 million mixed-use project that will consist of two, eight-story rental towers and one seven-story rental building with ground floor retail space in Hialeah.