Two out-of-state investment companies have teamed up to acquire a pair of 55-and-older manufactured home communities in Port Orange and have put another one, The Falls mobile home park in Ormond Beach, under contract.
The trio of deals are expected to top $170 million.
Bob Miller, the CEO of Cleveland, Tennessee-based MHM Communities, confirmed that his company and Glen Allen, Virginia-based Capital Square 1031 are the new owners of the Maplewood Estates and neighboring Treasure Isle Estates communities on Spruce Creek Road.
“We’re joint venture partners. I’m the operating partner,” Miller said of the entity created to acquire the two Port Orange communities for just under $53 million.
Miller confirmed that the joint venture also signed a contract to buy The Falls at Ormond at 105 Clyde Morris Blvd., but said he was barred by a nondisclosure agreement from discussing details until the…