A Malibu-based real estate firm paid $50 million to acquire two mobile home parks on Southwest Eighth Street in Miami, marking the end of a decades-long family ownership of the properties.
1989 Sunny Court LLC, an affiliate of Marquis Property Company, bought the Silver Court park at 3200 Southwest Eighth Street and the Sunnyside/West Haven mobile home park at 6020 Southwest Eighth Street, according to the brokers involved in the deal.
The buyer plans to continue operating the properties as mobile home parks, co-listing agent Alex Suarez of Global Investments Realty said.
Two companies led by Marc Levin, Sharon Asbel and Michele Levin sold the two properties. The Levin family also sold a Hialeah property at 3586 Northwest 41st Street earlier this year for close to $12.8 million, records show. They owned the two Eighth Street trailer parks for more than 60 years.
Joel Rodriguez of Global Investments Realty co-listed the property with Suarez. Fred Afif and Louis Erice from KW Commercial represented the buyer.
Orlando Cecilia of Tobin & Associates was Marquis’ attorney on the deal, and Anthony De Yurre of Bilzin Sumberg was the sellers’ legal counsel.
The deals give Marquis Property Co. nearly 17 acres fronting the highly trafficked Eighth Street. Silver Court, in Miami’s Little Havana neighborhood next to Caballero Rivero Woodlawn North cemetery, totals 9 acres. Sunnyside/West Haven totals 7.9 acres and is in West Miami.
Marquis, led by chairman Zan Marquis, has owned multifamily, office, retail and industrial real estate in California, according to the firm’s website.
Investors and developers have been buying up mobile home parks throughout South Florida for years, especially as there is less developable land available. The properties offer a form of affordable housing that is disappearing in cities across the country.
In August, Lennar Homes sold a former mobile home park in Homestead for $23.2 million, $6 million less than the price the company paid for the property last year.