The Palm Lake Mobile Home Park near West Palm Beach was acquired for $49 million, and the buyer plans to keep it as a senior mobile home park for the foreseeable future.
Palm Lake Cooperative, a cooperative formed by the 468 collective lot owners on the property at 7272 42nd Way North, sold the site to MHC Palm Lake LLC, an affiliate of MH Communities, the mobile home investment arm of Chicago-based Equity LifeStyle Properties.
The price equated to $104,701 per lot.
According to an agreement filed in county records, MHC Palm Lake agreed not to change the use of the property from an age 55-and-up mobile home park for the next 20 years, unless extreme weather or a natural disaster severely impacts the site. The buyer agreed to spend at least $3 million on capital improvements to infrastructure and common areas at the park within three years. In addition, each mobile home owner agreed not to remove their manufactured house from the site for 10 years, unless they replace it with a new home.
Palm Lake Cooperative was dissolved following the deal.