Hometown America Management buys Little Manatee Springs

BUYER: Hometown Little Manatee LLC (Hometown Communities LP), Chicago

SELLER: Little Manatee Springs Inc.

PROPERTY: 4337 Hamlin Way, Wimauma

PRICE: $8.25 million

PREVIOUS PRICE: $1.3 million, August 1997

LAW FIRM ON DEED: Johnson Pope Bokor & Burns LLP, Clearwater

PLANS, DESCRIPTION: Chicago-based Hometown America Management Corp. purchased the 265-lot Little Manatee Springs community for $8.25 million.
The price equated to $31,113 per lot.

Located near the Little Manatee River State Park, the gated manufactured-home community features a picnic area, nine-hole pitch-and-putt golf course, 2,896-square-foot clubhouse, shuffleboard court, fitness center and swimming pool.

“We just felt this was a great fit for our portfolio,” says Doug Minahan, vice president of Hometown America Management. “This used to be an RV park that was slowly converted into a manufactured-home community. It has nice, large homes with garages and patios. We're not planning many changes to it ... we just plan to put some money into upgrading it.”

He says the clubhouse is outdated compared with the quality of the homes, so the new ownership plans to improve it, the fitness center and the roadway.
The purchase entity Hometown Little Manatee LLC mortgaged the property to Walker & Dunlop LLC for $7.5 million.

Founded in 1997, Hometown America operates more than 120 communities in 20 states. Its local properties include Highlands at Scotland Yards in Dade City, Del Tura Country Club and Tara Woods in north Fort Myers and the Landmark Naples in Naples.