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Trailer park or treasure? New York firm picks up Hialeah mobile home park for $13M

Trailer park or treasure? New York firm picks up Hialeah mobile home park for $13M
Land has zoning for up to 324 apartments
October 03, 2016 01:08PMBy Sean Stewart-Muniz

2775 Okeechobee Road

New York property firm Philips International has purchased a handful of pricey properties in South Florida over the past year.
But for its latest multimillion-dollar deal, the company didn’t close on a waterfront apartment building or one near a golf course, like it has in the past. Instead, Philips bought a sprawling trailer park in Hialeah near an industrial park for $12.64 million.
County records show Philips, through an affiliate, just bought the 13-acre mobile home park at 2775 Okeechobee Road from the Ginsburg family. It houses 185 lots, so the deal breaks down to about $68,324 per lot.
The deal was an investment purchase, listing agent Peter Milisco of American Network Commercial told The Real Deal. He said Philips bought the park as-is without any designs for redevelopment.
“That’s not to say it won’t be a redevelopment down the road,” said Milisco, whose partner Ed Renzulli represented the buyer. “For right now, it was bought relative to its cash flow.”
The land falls under Hialeah’s R-3-3 zoning code, which allows for multifamily buildings up to three stories and 24 units per acre, which could yield a garden-style community with 324 apartments.
A Philips employee declined comment. Some of the company’s most recent South Florida deals include a $58 million apartment community near a Wellington golf course, and the $4.25 million purchase of a boutique waterfront apartment building in West Palm Beach.
South Florida mobile home parks are becoming prime targets for investors and developers in recent years. Earlier this year, office condo developer CK Prive Group scooped up a 2.2-acre community across from the Aventura Mall for $8.5 million.
And in March, Sun Communities inked a $1.68 billion deal to acquire a large portfolio of mobile home communities, including 35 properties in Florida.

Source: The Real Deal

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