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BRADENTON BEACH – In a Jan. 27 letter to the Pines Trailer Park Homeowners Association (HOA), Pines Park Investors LLC offered to sell the mobile home park to the residents for $75 million.
At that price, each of the 86 mobile homeowners would be responsible for $872,093.02.
“This has got to be a joke,” said one Pines resident, who asked not to be named.
On Aug. 5, 2023, Pines Park Investors, LLC purchased the 2.78-acre waterfront mobile home property from The Jackson Partnership LLLP for $16.25 million. The manager of Pines Park Investors LLC is Shawn Kaleta.
The park sustained damage from both Hurricanes Helene and Milton but many...
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BRADENTON BEACH – In a Jan. 27 letter to the Pines Trailer Park Homeowners Association (HOA), Pines Park Investors LLC offered to sell the mobile home park to the residents for $75 million. At that price, each of the 86 mobile homeowners would be responsible for $872,093.02.
To make this mobile home park worth $872,093 per lot, at a 6% cap rate, would require a monthly lot rent of around $8,000 per month. That’s probably not going to work. Some mobile home parks can’t make sense continuing in that capacity regardless of how high you raise the lot rent.