Private equity giant scoops up mobile home park in Hollywood

It’s next to the Orangebrook Golf & Country Club

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.

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