Private equity giant scoops up mobile home park in Hollywood

It’s next to the Orangebrook Golf & Country Club

Miami /
Nov.November 19, 2019 10:30 AM
Orangebrook Mobile Home Estates and Carlyle Group co-CEOs Kewsong Lee and  Glenn A. Youngkin (Credit: Google Maps, Carlyle Group)

Orangebrook Mobile Home Estates and Carlyle Group co-CEOs Kewsong Lee and Glenn A. Youngkin (Credit: Google Maps, Carlyle Group)

The Carlyle Group purchased a mobile home park in Hollywood for $25.2 million, marking another example of private equity firms buying up mobile home communities.

Carlyle, based in Washington, D.C., bought the 344-site mobile home park at 301 Pembroke Road for about $73,000 per site. Orange Brook Mobile Home Estates Inc., which is led by Charles R. Smith of Pembroke Pines, sold the property. It spans over 24 acres.

Amenities include a heated pool and shuffleboard, according to its website. The community sits behind the Orangebrook Golf & Country Club and is geared toward residents aged 55 and older.

Increasingly, private equity firms and real estate investment trusts are buying up mobile home parks to own or redevelop. Investors see mobile home parks as a safe bet during recessions and economic downturns, as most low-income renters are unable to quickly up and move their properties.

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. In 2017, Carlyle Group paid $45.52 million for a 437-unit mobile home community in Boynton Beach.

Carlyle Group is one of the world’s largest private equity firms with $212 billion of assets under management.


Related Articles

arrow_forward_ios
Cortland Partners CEO Steven DeFrancis and 1900 to 2300 North 29th Avenue, Hollywood (Google Maps)

Cortland pays $92M for Hollywood apartment complex

Cortland pays $92M for Hollywood apartment complex
Lennar Executive Chairman Stuart Miller (iStock)

“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results

“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida

Rent-to-own startup Divvy Homes expands to South Florida

Rent-to-own startup Divvy Homes expands to South Florida
Robert Suris and a rendering of the project

Hollywood approves downtown demolition, paving way for mixed-use apartment project

Hollywood approves downtown demolition, paving way for mixed-use apartment project
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)

Knock expands home lending program into South Florida 

Knock expands home lending program into South Florida 
Todd Jones and Albert Banalloun, with a rendering of the project (Credit: Fisher Architects)

Hollywood Publix with boat dock advances

Hollywood Publix with boat dock advances
Josh Zegen of Madison Realty Capital and 777 North Ocean Drive, Hollywood (Google Maps)

Madison Realty closes on Costa Hollywood Beach condos for $43M

Madison Realty closes on Costa Hollywood Beach condos for $43M
Jorge Perez and Apogee Beach

Jorge Pérez lists Apogee Beach penthouse for $7.6M

Jorge Pérez lists Apogee Beach penthouse for $7.6M
arrow_forward_ios

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

Loading...