National RV Communities buys Saralake Estates

BUYER: NHC-FL138 LLC (National RV Communities LLC), Scottsdale, Ariz.

SELLER: Saralake Estates LLC

PROPERTY: 3190 Bahia Vista St., Sarasota

PRICE: $10.55 million

LAW FIRM ON DEED: Gallagher & Kennedy PA, Phoenix

PLANS, DESCRIPTION: Scottsdale, Ariz.-based National Home Communities LLC/National RV Communities LLC purchased the land housing the 202-site Saralake Estates manufactured-home community for $10.55 million.

The price equated to $52,228 per home lot.

The RV- and manufactured-home company acquired the property with the goal of continuing to operate it.

“We own 58 RV- and manufactured-home communities and are actively looking to buy well-located senior housing, and Saralake Estates certainly fits that bill,” says Charles Ellis, vice president of National Home Communities. “We are an operator, and we have no interest in alternative land uses. We've heard a lot of rumors including that we were going shut it down to build a medical office building. That's not the case at all.”

The property is currently 96% occupied. The 55-plus community features a pool, clubhouse, laundry facility and pool.

Ellis says that manufactured home communities tend to be more stable than apartments because the land renters own their homes.

“These aren't people that could leave in the middle of the night like apartment renters,” he says. “Senior communities also generally have higher occupancies and lower delinquencies.”

The community is being marketed under National Home Communities' “Carefree” brand.

The purchase entity NHC-FL138 LLC mortgaged the community to General Electric Capital Corp. for $7.35 million.

The company owns several other manufactured home communities: Blue Jay in Dade City, Club Wildwood in Hudson, Grand Bay in Dunedin, New Ranchy in Clearwater, Oakview in Arcadia, Southern Pines in Bradenton and Suncoast Gateway in Port Richey.