MIAMI—A two-property, 55-plus manufactured home community in portfolio has sold for $30.75 million. That equals $78,045 per site.
The properties are Sun Valley Estates, a 267-space park located in Tarpon Springs, FL, and the 127-space Village of Ponce de Leon in Melbourne Beach, FL. The buyer is a private-equity firm with a wide range of investments that has recently started acquiring manufactured home communities.
Kyle Baskin and Jonathon McClellan, senior associates in Marcus & Millichap‘s Cleveland office, represented the sellers. The sellers are two entities managed by Shamrock Holdings LLC, an owner/operator based in Paradise Valley, ARIZ.
“The growing retirement population is generating strong demand for age-restricted manufactured home communities,” says Baskin. “The properties’ low maintenance costs and propensity for delivering steady income make them popular with owners.”
Sun Valley Estates is a four-star community located near Gulf Coast beaches and the historic Tarpon Springs sponge docks, about 25 minutes from Clearwater Beach and 35 minutes from Tampa. The community features a card room, library, fitness center, billiards, darts, bingo, shuffleboard, a heated swimming pool and a clubhouse.
“At the time of the sale, Sun Valley Estates was 89% occupied and the Village of Ponce de Leon had an occupancy rate of 82%,” says Shamrock owner Patrick O’Malley. “Some investors might have been dismayed by the occupancy rate, but in this case the parties structured the transaction around the vacancy so that the price was acceptable to all.”
Village of Ponce de Leon is located on Florida’s east coast one-half mile from Arnold Palmer Enterprises’ Spessard Holland golf course. The park features private beach access, 350 feet of riverfront seawall along the Indian River, a private boat ramp, a fishing pier, a heated swimming pool, and a swim-out spa.