DeSoto Mobile Estates, 1219 51st Ave., sold to Palm Cove MHC LLC, for $8 million on January 14, according to property records. The seller was Sarasota real estate investor George C Perreault through the George C Perreault Living Trust, which also includes Michael Caldwell and Dennis J. McGillicuddy, as listed on the deed.
The 32-acre property includes 178 units and was valued by the Manatee County Property Appraiser at $3.6 million in 2014. Perreault acquired the property in 1996 for $1.85 million, as determined by a property appraisal.
The new owners, Palm Cove MHC, are based in Skokie, Illinois, and are affiliated with Chicago-based Lakeshore Management, a manufactured home property management company. Palm Cove used a $7.4 million mortgage with General Electric Capital Corporation to finance the transaction, as revealed in documents filed with the Manatee County Clerk.
The same week, Sunset Village Adult Mobile Home Community, 3715 14th St. W., sold for $5.8 million to a Palmetto company on January 12. The 1.8-acre, 250-unit property was owned by a Stuart, Florida, company, Sunset Village Park LLC. The new owners are Sunset MHP LLC and McSunset MHP LLC, registered to Michael Hickmann of Palmetto and Cindy McFerrin of St. Petersburg, respectively.
Documents filed with the Manatee County Clerk revealed that these companies, along with Bradley Dresser of Stuart, used a $3.1 million mortgage with Wells Fargo Bank to finance the sale. ##
(Photo Credit: Bruce Kessler)
Article Submitted by Sandra Lane to – Daily Business News- MHProNews.
