Arizona company pays nearly $500 million for Florida properties

Cove Communities, an Arizona company that owns mobile home parks and 55 and over communities, has bought five properties in Florida, including one in Lakeland and one near Tampa.

According to the commercial real estate research firm CoStar, Cove spent a combined $448 million on the portfolio. The five properties sold include the 55 and over manufactured communities StrawBerry Ridge Village in Valrico, a suburb of Tampa, and the Cypress Lakes Villages in Lakeland. The company also bought the Big Cypress Golf & Country Club, which is part of Cypress Lakes.