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Investors buying Daytona Beach area mobile home parks

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Investors buying Daytona Beach area mobile home parks

November 30, 2020
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Investors buying Daytona Beach area mobile home parks
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Pat Sweeney, president of the Maplewood Estates Homeowners Association, stands outside the clubhouse for the 55-and-older manufactured home community in Port Orange on Thursday, Oct. 29, 2020. Maplewood Estates and the Treasure Isle Estates 55-plus mobile home park next door were sold in September to Virginia-based Capital Square and Tennessee-based MHM Communities.

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.

A pickup truck enters The Falls at Ormond 55-and-older manufactured home community at 105 Clyde Morris Blvd. in Ormond Beach on Nov. 4.

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…

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