Homestead mobile home park sells for $22M

Investors are buying mobile home communities in South Florida and redeveloping them as land becomes more scarce

TRD MIAMI /
Oct.October 25, 2019 08:45 AM
451 Southeast 8th Street (Credit: Google Maps, iStock)

451 Southeast 8th Street (Credit: Google Maps, iStock)

New Aquarius Corp. sold a 200-unit mobile home park in Homestead for $22 million.

A company tied to Bradley Dressler of Stuart, Florida bought the mobile home community at 451 Southeast 8th Street for $110,000 per home site. New Aquaris Corp., led by Margitta Di Gennaro of Key Colony Beach, Florida, sold the property.

The mobile home community spans 24.3 acres. It last traded for $1.3 million in 1997, records show.

Walker & Dunlop provided a $17.5 million loan for the acquisition, according to records.

Investors are buying mobile home communities in South Florida and redeveloping them as land becomes more scarce.

In December, Sam Zell’s Equity LifeStyle paid nearly $50 million, or about $53,000 per lot, for a mobile home park near Riviera Beach.

Brookfield, which has more than $350 billion in assets now owns 130-plus mobile home communities. Investors are also buying these communities because mobile homes are seen as a safe investment during a downturn.


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