NexGen Closes Record-Breaking $75 Million Sale of Florida 55+ Resident Owned Mobile Home Community
December 2016
$75 million sale of a 1,168-lot, 55+ mobile home community in Zephyrhills, Florida, representing one of the largest transactions of its kind in the Florida manufactured home industry. The June 2016 sale of Forest Lake Estates to a national real estate investment trust secured a high return on investment for community shareholders who originally purchased the mobile home park in June 1999.
Adam Reese Law firm – David Bernstein served as legal advisor for the transaction and worked closely with Brett Schroder, President of NexGen Community Management, Realty and Mobile Home Sales, Inc., the management company of the park from 2000-2016, to complete the transaction.
The ultimate sale of the community garnered a roughly 94% approval rating from shareholders and successfully recognized their equity at a peak of the market.”
Forest Lake Estates’ sale marks one of the largest of its kind in Florida history. It may also serve as a means for shareholders in other manufactured home communities to retrieve their equity after bearing the immense challenges of resident ownership.
“There were many challenges and roadblocks in the history of Forest Lake Estates that are common among other resident-owned communities,” Brett Schroder said. “Ultimately, Forest Lake residents were able to sell at a peak of the market and make good on their long-term investment.”