California firms pay $39M for West Palm mobile home park
BoaVida Group and Nella Invest acquired 38-acre site with 274 mobile home lots
UPDATED, Aug. 18, 4:10 p.m.: A California joint venture dropped $39.1 million for a West Palm Beach mobile home park.
An entity managed by Sacramento-based BoaVida Group and Auburn, California-based Nella Invest acquired the Holiday Ranch Mobile Home Park at 1375 Military Trail and 1396 Ranch Road, records show. The partnership assumed a $15.6 million Fannie Mae mortgage and obtained a second loan for $2.1 million from PGIM Real Estate Financing.
Seller Mid-American Properties, managed by Richard A. Placido in West Palm Beach, paid $3.9 million for the 37.9-acre site in 1993, records show. Completed in 1973, Holiday Ranch features 274 mobile home lots.
In recent years, many South Florida mobile home parks have been phased out in favor of redevelopment projects, but Holiday Ranch will likely remain in place due to the buyers’ focus on such properties.
BoaVida, led by principal Eli Weiner, is a real estate investment firm specializing in mobile home parks. The company owns and operates mobile home parks in 28 states, including Florida, according to BoaVida’s website. Its joint venture partner Nella Invest is a subsidiary of real estate investment firm Nella Holdings.
In an email, Weiner said: “We are national mobile home park operators and only purchase parks so that they can remain as manufactured housing communities, and never have the intent on redeveloping.”
In February, Miami-based Treo Group and developer Sergio Pino formed a joint venture to redevelop the former Florida City Campsite & RV Park in Florida City. The joint venture plans to build 131 townhouses as well as a mixed-use development that could include a hotel or an assisted living facility.
Treo paid $6.8 million for the 16-acre site in late January after Florida City settled an unlawful eviction lawsuit last year filed by the mobile park’s residents. Treo then sold 10.5 acres for $6.5 million to an entity managed by Pino that will build the townhouses.
Last year, Industrial Outdoor Ventures and Stockbridge Real Estate paid $64 million for the former Twin Lakes Travel Park in Davie. The joint venture plans to convert the 38.5-acre site into an industrial complex with an outdoor truck terminal.