Patrick O'Malley Of Legacy Communities Acquires Pine Tree Park From The Pine Tree Park Co-Op For $21.7M

The transaction involved the sale of a manufactured home asset located at 430 Hibiscus Drive in Deerfield Beach, with a sale price of $21,700,000. The property, Pine Tree Park, includes 226 lots within a senior manufactured housing community situated on a 44.9-acre site. The community is subject to zoning regulations catering to residents aged 55 and over.

Summary of transaction details:

• Property Type: Manufactured Home
• Transaction Amount: $21,700,000
• Buyer: Patrick O'Malley - Legacy Communities
• Seller: The Pine Tree Park Co-Op
• Lender: New York Life Insurance
• Community Size: 226 lots
• Property Area: 44.9 acres
• Age Restriction: 55-plus manufactured housing

The buyer, Patrick O'Malley, represents Legacy Communities, which acquired the property from The Pine Tree Park Co-Op. The financing for the deal was provided by New York Life Insurance Co. As part of the agreement, the buyer committed to maintaining the existing zoning regulations and use for a duration of 30 years, which will help in preserving the community amid redevelopment pressures in the area.