xml:space="preserve">
xml:space="preserve">
Advertisement

$11 million buys investors a mobile home park near new toll road's path

Oak Springs Mobile Home Park in Mount Plymouth area of Lake County with some lots in Orange County. The path of the 429 is shown to right.
Oak Springs Mobile Home Park in Mount Plymouth area of Lake County with some lots in Orange County. The path of the 429 is shown to right.

At first glance, Oak Springs Mobile Home Park, straddling the Orange/Lake County line in bucolic rural Mount Plymouth, looks like a lot of other nicer mobile home parks -- larger manufactured homes with tidy yards, a community clubhouse and swimming pool.

It's difficult to imagine the nearly 74-acre parcel could be worth the $11 million an investor recently paid for the park at 6903 Mount Plymouth Rd.

Advertisement

But take a look at an aerial of the area and you'll see that, while it's surrounded by green open space, a wide linear swath of cleared dirt to the east hints that soon the quiet neighborhood will be a short drive away from the new State Road 429 spur into the Wekiva area that will connect the nearly 74-acre parcel to the entire Orlando Metro area via super toll road.

The park, with 438 lots approved, was bought in late May by Oak Springs LLC, a company traced to Westwind Investors LP in Incline Village, Nev. The company is a venture capital and private equity investor, according to Managing Director Nathan Horvath's LinkedIn profile.

A woman who answered the telephone at Westwind said she had passed on information about GrowthSpotter's request to talk about the parcel to the owners of the land, however none have returned the calls.

While $11 million seems like a lot for a rural mobile home park the price is in line with recent mobile home park purchases in Lake County, said Michael Prestridge, chief deputy for the Lake County Property Appraiser.

The sale comes out to a price of $25,114 a lot.

"We've had quite a few higher end large parks selling in the $20,000+ to $35,000+/ lot range," Prestridge said. "It appears the Oak Springs sale falls in line with the market."

In development circles mobile home parks can be a good investment both in the short and long term. In the short term the land provides revenue from lot rent and in the long term the land can be easily converted into other developments, including traditional single-family or multi-family neighborhoods because the housing is more easily removed.

tburney@growthspotter.com or 407-420 6261

Advertisement
Advertisement