Colliers Facilitates FL Affordable Housing Deal
Colliers Senior Vice President Kevin Morris and Senior Broker Associate Michael Lewin worked on behalf of 1031 exchange buyer Steve Schneider. Palm Lakes Trailer Park, a 120-unit mobile home property in Miami, traded for $6.3 million.
By Laura Calugar
Kevin Morris & Michael Lewin
Colliers International South Florida brokered a $6.3 million acquisition of Palm Lakes Trailer Park, a mobile home property in Miami, Fla., on behalf of buyer Steve Schneider. Jay Suarez, Yaniv Nakash and Shimshon Tzubeli sold the property that totals 120 home pads on approximately seven acres. Colliers Senior Vice President Kevin Morris and Senior Broker Associate Michael Lewin were part of the team that facilitated the sale.
Located at 7600 N.W. 27th Ave., Palm Lakes Trailer Park sits within the recently enacted North Central Urban Area District zoning overlay which allows high-density residential and mixed-use development. The property is close to the Northside Metro Rail Station and major retail.
A 1031 exchange
Steve Schneider brings experience in affordable housing and property management. “Large tracts of developable land with stable income in place are hard to come by. Based on the strong cash flow and attractive cap rate compared to other, more conventional assets, this property was the perfect fit for our client who was looking to fulfill a 1031 exchange requirement,” said Lewin, in prepared remarks.
The deal also highlights investment interest in Miami moving inland, following a surge in population and job growth that extends statewide. In 2016, Florida’s population increased by 367,525 residents to reach 20.6 million; the second largest gain after Texas and outpacing New York to become the third most populous state in the U.S.
Images courtesy of Colliers International
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