Mobile Home Park Fetches $12M

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A mobile home park in northwest Miami-Dade County was sold for $12 million.

Many mobile home parks in South Florida have been purchased recently to be converted to apartments, condos or industrial parks. However, buyer Riverstone Communities owns over 60 mobile home parks in 11 states, so the likelihood is that the asset will remain as is.

The 202-lot mobile home park at 8181 N.W. South River Drive in Medley was sold by 7200 Corp. The Miami-Dade County Property Appraiser assessed the site at $3.8 million but the price of $12 million represents $59,405 per manufactured home lot.
 
Source:  SFBJ

 

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