South Orlando MHC Changes Hands
The 128-homesite mobile home community was 88 percent occupied at the time of the sale.
HARRI5 has facilitated the sale of St. Cloud Trailer Park, a 128-homesite manufactured home community in St. Cloud. Fla. The company negotiated the deal on behalf of the seller. The property traded for $5.3 million and the new owner is Saint Cloud MHP LLC, a legal entity connected to COARE Communities, according to Osceola County public records.
Built in 1972, St. Cloud Trailer Park is located at 196 13th St. and is a 55-plus mobile home and RV community that features 109 park model homes, four apartments and an office. Common-area amenities include a community hall, shuffleboard courts, laundry facilities, a recreational center and on-site parking. At the time of the sale, the asset was 88 percent occupied.
Situated on a 4.5-acre parcel within an Opportunity Zone, the mobile home community is close to U.S. routes 441 and 192, and across Lakefront Beach. St. Cloud Trailer Park is some 9 miles from Kissimmee, Fla., 22 miles from Walt Disney World Resort and Orlando International Airport, and within 29 miles of downtown Orlando, Fla. Retail and entertainment spots in the area include Publix, Walmart, Home Depot, Nona Adventure Park and others.
Mirroring trends in other real estate sectors, MHC sales velocity has been slowing down in the past 18 months, according to a Northmarq report. However, investor demand remained strong in states including California, Arizona, Nevada, Illinois, Indiana, Florida and Texas.