MANATEE COUNTY — A large commercial real estate investor has paid $40.6 million for a portfolio of 10 mobile home parks in Bradenton.
Affiliates of The Inland Real Estate Group of Companies Inc. acquired the parks, which range from 37 to 250 units, in separate transactions last month, according to county records.
Many of the parks, totaling about 52 acres, were built in the 1950s and 1960s and are clustered along 14th Street West.
The seller was various companies tied to investor Michael Hickmann, a Wisconsin attorney who listed a Sarasota address in sales documents.
The largest purchase was $9.5 million for the 250-space Sunset Village mobile home park, which sits on 12 acres at 3715 14th St W. That park was built in 1950, records show.
The 97-unit Kozy mobile home park sold for $4.5 million. Built in 1955, it sits on seven acres at 3113 Cortez Road W.
Sold for $4.4 million was Pine Haven, a 79-unit community at 6320 14th St. W. The 70-unit Tri Mor, 5624 14th St. W., and Capital, with 94 sites at 5110 14th St. W., each sold for $4 million.
Other sales included the 121-unit Wayside Glen for $3.3 million, the 66-unit Luxor for $3.3 million, 80-lot Mermaid Manor for $3.2 million, 64-unit Sunny Acres for $2.2 million, and 37-unit Mary Ann trailer park for $2.2 million.
Cortez Road and 14th Street West, also called Tamiami Trail, are designated corridors where the Manatee County Commission wants to encourage urban redevelopment.
Inland, based in Oak Brook, Illinois, did not respond to several requests for comment on its plans for the properties. The company claims more than $80 billion in real estate transactions and developments.
The deal was financed in part with a $23.9 million loan from Key Bank of Overland Park, Kansas, records show. MH Ventures 2019-1, an Inland company similarly named to the ones that bought the parks, just filed to raise $24.7 million through the sale of securities.
The company is no stranger to Manatee real estate deals.
In 2016 it paid $33 million for the 179-unit RiverSong Apartments on the Manatee River in downtown Bradenton. In 2015 it developed the 256-unit Creekside Ranch apartments, and a year later spent $39.25 million for the 336-unit Sawgrass Cove.
According to think tank Urban Institute, manufactured housing is up to 47% cheaper per square foot than site-built housing. But the number of manufactured homes shipped annually has decreased from an average of 242,000 a year between 1977 and 1993 to just 92,500 in 2017.
Studies have claimed that manufactured housing has been limited by restrictive or unavailable financing, tight zoning and the opinion that those homes do not appreciate as quickly as site-built homes. But a recent government report showed that manufactured homes may actually appreciate at levels similar to site-built homes.
And manufactured homes can be harder to insure in hurricane-prone Florida, especially some of the older ones found in the parks that just sold.