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The REIT has partnered with several institutional investors for the deal, including BTG Pactual Timberland Investment Group, Highland Capital Management, Medley Management and a major Canadian institutional investor.
The Florida Realtors trade group reports that sales of single-family homes in the first quarter fell slightly by 0.9% with a statewide total of 60,204 transactions. The median statewide single-family home price at the end of the first quarter was $248,000, up 9.7% from the first quarter of 2017.
The sponsor, a local family which has owned the property for nearly 50 years, completed a master plan in 2014 that called for the removal of RV tenants in order to completely transform the property into a tiny home community.