Palm Lake Cooperative at 7272 42nd Way North in West Palm Beach, Florida, has sold the community to MHC Palm Lake LLC. That’s an affiliate of MH Communities, the manufactured home investment arm of Chicago-based Equity LifeStyle Properties (ELS), per the Business Journal and a local court filing.
For those who champion resident owned communities, this is an eye opening development, as the Palm Lake Cooperative was dissolved following the deal.
The sales price was $48.96 million, said the Real Deal. The Street describes a REIT – a real estate investment trust – such as ELS, as “a company that owns and (with some exceptions) operates income-generating real estate such as office buildings, shopping malls and parking lots.” Obviously, manufactured home communities, RV parks. For ELS – even a marina and boat slips can qualify as part of the properties they own and operate.
ELS is among the basket of manufactured housing industry connected equities that are tracked in our evening market report. Last night’s closing ticker is shown below.
The Real Deal states the size of the community is: “50-acre property… that consists of 922 mobile home pads. The deal breaks down to about $53,000 per lot.” That would contradict the claimed number of sites and thus community value reported in the Business Journal.
The community’s former coop website is down at this time.
Equity LifeStyle pledged to invest $3 million within the next three years to improve the community’s common areas and infrastructure, records show. “Features at Palm Lake include a clubhouse, swimming pool and activities like horseshoe, shuffleboard and fishing. The real estate investment trust owns more than 412 communities and resorts in 32 states and British Columbia,” said the Real Deal, per the ELS website.
ELS is one of the top two manufactured home communities in the nation, according to data reported by the Manufactured Housing Institute (MHI) National Communities Council (NCC).
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