Tampa-Area Manufactured Housing Community Changes Ownership
- May 21, 2021
A New York-based investor spent $7.4 million to acquire Isle of Palms Mobile Home Community in St. Petersburg, Fla., public records show. The new owner financed the purchase through a $3.7 million loan secured by the Florida-based seller, set to mature in 2026.
The seller had owned and operated the 161-site property since 1967. A team from Colliers’ Manufactured Housing & RV Group brokered the transaction.
Located at 7400 46th Ave. N., the over 55 community is within walking distance of public transit, less than 6 miles from Interstate 275 and some 23 miles from downtown Tampa, Fla. Additionally, the property is close to several dining and retail choices, as well as a number of health-care facilities. Common-area amenities include a shuffleboard court, a billiard room, a library and laundry facilities.
Florida has attracted more and more interest from manufactured housing community investors. For example, Capital Square 1031 recently paid $61 million for Foxwood Village in Lakeland, Fla. The over 55 lifestyle property was almost fully occupied at the time of sale.