Treo Group bought a former mobile home park in southwest Miami-Dade for $6.8 million, with plans to build a mixed-use project.
Miami-based Treo, led by principals Otto Boudet-Murias, Rolando Delgado, Eduardo Garcia and Carlos Ortega, acquired the Florida City Campsite & RV Park at 601 Northwest Third Avenue in Florida City, according to the brokers involved in the deal.
The city of Florida City sold the 14.6-acre redevelopment site, after settling litigation tied to the eviction of residents.
Edward Redlich and Mort Fetterolf with the ComReal Team represented Florida City. Otto Travieso with Real Capital Partners represented Treo.
Travieso said via email that Treo is still in the design phase of a planned mixed-use project with residential and commercial uses, targeted to Florida City residents. In a statement, Florida City Mayor Otis Wallace said the city envisions a new commercial development that will help beautify the Krome Avenue corridor.
Redlich said the city hired the ComReal team in 2018 to market the RV park to commercial developers that would propose a mixed-use project to achieve the property’s “greatest and highest use.” A year later, Treo and the city went under contract, with the developer putting down a deposit of $900,000 according to published reports.
In March of last year, residents of the RV Park filed a class action lawsuit in Miami-Dade Circuit Court against Florida City, alleging wrongful eviction. According to the complaint, residents, many of whom paid about $400 a month to rent trailer spaces at the RV park, alleged Florida City only gave them six days notice, instead of six months, to vacate the property.
The city and the 98 RV Park residents reached a settlement in September with Florida City agreeing to pay each of them $2,000, according to court filings.
In recent years, across South Florida, hundreds of low-income residents living in mobile homes have been forced to leave RV parks that have been sold for redevelopment. When residents can’t reach a settlement with the new property owners, Florida will give mobile homeowners $1,375 to find a new place to live or $3,000 to relocate their trailer if it can be moved to a new location. Still, low-income advocates say those amounts are barely enough to cover one month’s rent in South Florida, and displacing mobile homeowners only deepens the tri-county region’s affordable housing crisis.
Last year, Stockbridge Real Estate paid $64 million for the Twin Lakes Travel Park in Davie. The Chicago-based industrial real estate firm plans to convert the 38.5-acre site into a single or multi-tenant industrial project ranging from 50,000 square feet to 400,000 square feet.
In 2020, Lennar Lennar Homes bought the former Pine Isles Mobile Home Community in Homestead for $29 million from Treo. A year earlier, residents of the 55-and-older mobile home park were forced to relocate.
Lennar had planned to build a new housing community, but sold the 43-acre property to Scottsdale, Arizona-based AGWIP Asset Management for $23.2 million last year.