Kissimmee-based Schoolfield Properties is disposing of residential assets to focus on its core retail and office properties, and is starting with mobile home communities the company developed in the 1980s, a lead executive told GrowthSpotter.
Cheryl Schoolfield said the company sold 30 lots in the Morningside Village and Silver Lake Estates mobile home communities on Tuesday for $1.7 million.
"We've owned those lots for more than 35 years," Schoolfield said. "My father and grandfather developed those neighborhoods. Over the years, they've sold the majority of the lots."
Both neighborhoods are located on Boggy Creek Road in Kissimmee, just south of the Orange County line and the city of Orlando's Poitras Property, which is under contract to Tavistock Development Company.
The buyer was Lakeland-based Sunburst Dream Homes. Founder Louis F. Garrard has recently begun acquiring mobile home lots and communities, according to the company website. He is better known locally as the head of Mainstay Financial, which finances and constructs assisted living facilities and other specialized types of senior housing.
Schoolfield said Garrard is under contract to buy another 14 lots near Kissimmee Gateway Airport at the same price point of $57,000 per lot.
The sale allows Schoolfield to focus its energy on its commercial and flex-office properties in the Greater Orlando market and the firm's expansion into Brevard County. Owner Kevin Schoolfield now runs the firm's satillite office in Melbourne.
"In the last two years, we've acquired 250,000 square feet in Brevard County," Cheryl Schoolfield said.