The Real Deal touted the ELS Chairman Sam Zell angle, in announcing the $50.35 million dollar purchase price.
None of the mainstream media sources bothered to show that the monthly site fees stood at a “Low Lot Rent of $665,” per the Everglades Lakes, LLC – Davie, FL – website.
What did Marguerite Nader lead ELS get for their $50+ million?
“This beautiful [Everglades Lakes] community has 612 well maintained lots, a recreation building, a card room, pool room with pool tables, kitchen facilities in the building, men’s and ladies rooms each have steam rooms, exercise room, 2 swimming pools (one that is heated at parks discretion), whirlpool, laundry facilities with 18 washing machines and 10 dryers, cloths lines in an enclosed area, 8 shuffleboard courts, and a putting green,” states their website.
To get a sense of housing cost, an early 1990s 2+1 single section for sale with a screened in addition was listed for $19,995. That’s likely about what it sold for new.
“The lawns are cut by the community and there is a 24 hour manned security gated entrance. Garbage pick-up is provided twice a week. A small (under 25 lbs non-aggressive breed) pet is welcome,” potential applicants are told. Public ratings per Google give it four out of five possible stars.
The $50.35 million purchase price, divided by 612 home sites yields $82,271.24 per pad. The property is about 100 acres, so there is a fraction over 6 homes average per acre. The property includes common spaces, a modest but attractive lake, and waterways.
It’s located just off the Florida Turnpike, west of Fort Lauderdale and north of Miami.
ELS is a Real Estate Investment Trust (REIT), and one of the top two community operations in the manufactured home community space. Their leadership team includes:
• Marguerite Nader – President and CEO
• Paul Seavey – EVP and CFO
• Patrick Waite – EVP and COO
They have locations in 32 states, plus British Columbia in Canada.
“The seller, Everglades Lakes Mobile Home Community LTD, is led by Marjorie L. Black. Records show the company bought the property in 1971 for $1.6 million. It was completed in 1973,” per the Real Deal, which stated the obvious with the following for those who know the red hot communities environment.
“…South Florida’s mobile home parks are becoming prime targets for investors and developers. Earlier this year, two neighboring mobile home communities in Hialeah were picked up by separate investors for nearly $20 million, combined. Last year, the Carlyle Group paid $45.2 million for a 437-unit mobile home community in Boynton Beach and in 2016, Sun Communities dropped $1.68 billion for a portfolio of mobile home communities throughout the nation, including 35 properties in Florida.”
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Hundreds of New Manufactured Home Communities Opened, But How Many Have Closed? Industry Research Result$ – Daily Business News
TweetIn any industry, trends are worth noting, and are important for investors, owners, lenders, policy pros, and other professionals alike. As the chart below will spotlight, there have been hundreds of manufactured home communities that have opened since 2002. That’s news to many, not to others, in manufactured housing.
Sam Zell’s Equity Lifestyle Properties (ELS) Unique New Score