Kingsley Management Corp. of Provo, Utah has acquired two Manatee County, Florida 55+ manufactured home communities (MHC) for $27.8 million. The 244-home site Palm Bay was sold for $13.1 million, while the adjacent 235 home site Colonial Mobile Manor went for $14.7 million. Both communities, according to businessobserverfl, are in Palmetto, FL, and were controlled by William Tanenbaum.

Palm Bay and Colonial both have clubhouses from the 1970s, and Palm Bay contains over 100 recreational vehicle sites as well as a swimming pool and shuffleboard courts.

Kingsley was represented by Marcus & Millichap’s Kyle Baskin and Jonathon McClellan from their Cleveland office. Kirk Felici is M&M’s broker of record in Miami. Baskin commented, “Given the current market conditions, and the demand for larger, age-restricted communities throughout the nation, we feel that both buyer and seller capitalized on this unique opportunity.”

As MHProNews noted in a story Aug. 14, 2015, Kingsley was represented by M&M in its purchase of Southwind Mobile Home Park in Palm Harbor for $18.2 million, another age-restricted MHC. ##

(Photo credit: Marcus & Millichap-Tarpon Springs , FL manufactured home community)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.