Bedrock Communities Acquires Manufactured Home Community In Lakeland For $10M
1 West Imperial Drive
$10,000,000
Building Size
—
Asset Type
Manufactured Home
Closing
May 27, 2024
AI
Imperial Manor, a 200-homesite manufactured housing community located at 1 West Imperial Drive in Lakeland, Fla., was recently acquired by Bedrock Communities for $10 million. Prudential Financial Inc. facilitated the transaction through a $9 million acquisition loan. The property features a 55-plus community with amenities such as a heated swimming pool, clubhouse, and recreational activities, making it a significant investment in the manufactured housing community sector in the Southeast.
Summary of transaction details:
- Property Type: Manufactured Home
- Transaction Amount: $10,000,000
- Buyer: Paul Gojkovich - Bedrock Communities
- Broker: HARRI5
- Lender: Prudential Financial
Paul Gojkovich represented Bedrock Communities in the acquisition of Imperial Manor in Lakeland. HARRI5 served as the broker in the transaction, facilitating the deal between the buyer and the seller. Prudential Financial provided the necessary financing for the purchase, enabling Bedrock Communities to secure the manufactured housing community.
Players
Lakeland Manufactured Home Market Snapshot
Boundary boundary · Manufactured Home · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93