Palmetto mobile home parks sell for $27.8 million

28 millionPALMETTO — A Utah company has paid nearly $28 million to buy two mobile home parks in the second-most expensive mobile park transaction in Manatee County during the past two years.

Kingsley Management of Provo bought the Palm Bay Mobile Home Park and the Colonial Mobile Manor Mobile Home Park in separate transactions on July 17. The company paid the owner, William Tanenbaum of Boca Raton, $14.7 million for the 235-unit Colonial park and $13.1 million for the 244-unit Palm Bay park, according to Manatee County property records.

Located just north of the Riviera Dunes Marina, the two adjoining parks are 55-plus age-restricted communities. Resident access to Palm is on Second Street and Ninth Avenue East, both empty onto U.S. 301.

Palm Bay includes 103 RV lots with hookups, a swimming pool, shuffleboard courts and a clubhouse. Colonial also boasts shuffleboard courts and a clubhouse.

Kingsley Management officials did not respond to a request for comment.

County records show Tanenbaum as the park’s only owner. The oldest permanent facilities in the parks, according to records, are the clubhouses, which date back to the mid 1970s.

The only other recent Manatee County mobile home park sale that rivals the Tanenbauam sale was a $35.8 million transaction in February 2014 in which national mobile home park owner Equity Lifestyle Properties bought 800 home sites in the Colony Cove mobile home park in Ellenton.

Sent along by Bob Weber with thanks.  Stan McCormack. 2015 07 29

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