Investor Scoops Up Miami Trailer Park
As developable tracts of lands become more scarce in Miami, investor Steve Schneider has purchased the Palm Lakes Trailer Park, which includes 120 home pads on approximately seven acres, for $6.25M.
The trailer park, at 7600 NW 27th Ave., lies within the North Central Urban Area District zoning overlay and could eventually be developed for high-density units up to 12 stories.
In the short term, "there will be no changes to the current status for the tenants," said Colliers Senior Broker Associate Michael Lewin, who represented Schneider. "They won't be disturbed in any way."
Lewin said that his client "for now, intends to get the property running as efficiently as possible and maintain the property at the highest and best quality," although he may entertain options in the future.
Lewin said Schneider had sold a multifamily property in Jacksonville and was looking to fulfill a 1031 exchange requirement — reinvesting funds to defer capital gains taxes.
Previous owners Jay Suarez, Yaniv Nakash and Shimshon Tzubeli sold the property to Schneider. Lewin said it was the first time he had been involved in a trailer park transaction.
"I think the cap rates for apartments have compressed a little bit and that has made investments like mobile home parks more attractive to investors," he said.
