Palm Harbor mobile home park sells for $18.2 million

BUYER: Southwind MHC Holdings LLC (Kingsley Management Corp.), Provo, Utah
SELLER: Belle Vista Properties LLC
PROPERTY: 795 County Road 1, Palm Harbor
PRICE: $18.2 million
PREVIOUS PRICE: $7 million, August 1999
LAW FIRM ON DEED: Johnson Pope Bokor Ruppel & Burns LLP, Clearwater

PLANS, DESCRIPTION:
Provo, Utah-based Kingsley Management Corp. purchased the 213-space Southwind Mobile Home Park for $18.2 million.

The price equated to $85,446 per lot.

The 28-acre manufactured home community is age restricted, for individuals older than 55. It features only doublewide homes with paved drives and carports.

The property includes a large community recreation building with a commercial kitchen, library, billiards, cards and exercise rooms. Additional outdoor amenities include a heated swimming pool, lake with fountains, shuffleboard courts and a horseshoe pitch and park area.

Southwind Mobile Home Park was 100% occupied at the time of the sale.

Dan Mulkey, vice president of investments in Marcus & Millichap's Tampa office, handled the transaction.

“This price was one of the highest I've heard of outside of, say, Broward County,” Mulkey says. “The price was really driven by its income.”

The purchase price equated to a payoff ratio based on current income (capitalization rate) below 6%.