Financing provided by large insurance companies is nothing new to the manufactured home community sector.

Direct ownership of a property by an insurance firm – as has just occurred in the purchase by Northwestern Mutual Life Insurance Company – that’s an evolutionary development the industry is waking up to.

The deal?

Per the Sarasota Herald Tribune, it was for some $80 million dollars for the purchase of The Gardens of Parrish by an affiliate of Northwestern Mutual, according to a recently filed deed.

The Gardens of Parish is a sprawling 645 home sites on 132 acres, located at 11300 N. U.S. 301 in Manatee County, Florida.

“We met with the new owners and new management, and everything seems it is going to be in the future as it is now,” said Beni Barrett, president of The Gardens Homeowners Association.

The homeowners association did not make an attempt to purchase, as is allowed under Florida law.

Steve Adler led Murex Properties has been contracted by Northwestern Mutual to operate the community.  Adler has served as the chairman for the National Communities Council (NCC), and is active in the Florida Manufactured Housing Association.

Northwestern Mutual Milwaukee-based company reports $250.4 billion  in assets, $28.2 billion  in revenues and $1.6 trillion  worth of life insurance protection in force, per the Herald Tribune.

Just as the Daily Business News has reported that –

• Carlyle Group,
• L&G,
• or other large institutional players and investors tracked in our market reports have bought into the manufactured homes and modular housing industries at home and abroad,

the move by Northwestern Mutual is part of a trend which could be followed by tech giants such as Google and Facebook. ## (News, analysis.)

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By L. A. ‘Tony” Kovach to the Daily Business News for MHProNews.com.