GMF Group Picks Up 50th MHC
The acquisition also marks the company's 42nd investment in Florida.
GMF Group has purchased Plaza Estates, a 103-homesite manufactured housing community in Bradenton, Fla. The property traded for $4.7 million, according to Manatee County public records. The seller was a private entity that had owned the nearly 10-acre lot since 1931.
The acquisition is GMF Group’s 42nd purchase in Florida and its 50th to date. As of today, the company’s total portfolio exceeds 4,500 lots and units.
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Plaza Estates is a 55-plus manufactured housing community at 3701 14th St. W., with amenities such as a shuffleboard court and a clubhouse. Situated in the South Bradenton neighborhood near Sarasota Bay, close to U.S. Route 41 and interstates 75 and 275, Plaza Estates allows quick access to the Sarasota, St. Petersburg, Fla., and Tampa metro areas.
Sarasota-Bradenton International Airport is some 7 miles from Plaza Estates, downtown Sarasota is 10 miles away and St. Petersburg is within 28 miles of the property. Additionally, the community is close to multiple dining and retail options, such as Lowe’s, Walmart, Publix or Target.
Focused on expanding
GMF Group currently owns and operates MHC communities across four states: Florida, Indiana, Ohio and North Carolina. Looking to expand, the investment firm closed GMF Group Fund II at the beginning of the year, a $250 million fund aimed at purchasing and improving manufactured housing communities across the country. At the time, the company expected to add at least five more properties in the Southeast and Midwest regions.
Earlier this year, GMF Group also secured a CMBS refinancing package for the mobile home communities it owns in Florida. The $65 million loan provided by Citigroup was used to pay off debts on 17 properties and to enhance and improve them.
