Lakeshore Management buys mobile home park in West Palm

Meadowbrook Mobile Home Park

Lakeshore Management just paid $19.2 million for an 83-acre mobile home park in West Palm Beach, property records show.

A family investment group sold the Meadowbrook Mobile Home Park at 1531 Drexel Road for about $44,000 per home site, or $231,000 per acre. The property includes 435 mobile home sites.

Daryl Stair and Carol Stair, with a shared 21.4 percent interest in the property; Carley Stair with 33.3 percent; the Searls Family LLP with another third interest in the property; and Rebecca Stair and Steven Stair, each with 4 percent, sold the Meadowbrook property.

Records show it previously sold in 2007 for $15.25 million.

Lakeshore, a national mobile home community owner and operator, paid nearly $13 million  for a 33-acre mobile home park in Davie in November.

Large investment firms like the Carlyle Group and Sam Zell’s Equity LifeStyle Properties have also been buying mobile home parks in South Florida. Carlyle paid about $46 million for a 437-unit mobile home community in Boynton Beach last year.

A joint venture between Prestige Companies and Summit Property Group also recently announced plans to replace a 60-unit mobile home community with a $100 million multifamily community

from The Real Deal Miami https://therealdeal.com/miami/2018/10/04/lakeshore-management-buys-mobile-home-park-in-west-palm/
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