A Dallas-based firm is the new owner of a recreational vehicle park in Deerfield Beach, amid an uptick in redevelopment of South Florida RV and mobile home complexes.
Carter + Co., led by Clayton Carter, paid 24.1 million for the Highland Pines RV Resort at 875 Northeast 48th Street from an affiliate of Irving, Texas-based Moore Enterprises, according to records and real estate database Vizzda. The selling entity also has ties to Gerald Norman, Kenneth Malamed and Alan Lipman.
Carter took out a $19.2 million mortgage on the property, as part of a larger $38 million debt cross-collateralized among three mobile home and RV park properties, records show.
Highland Pines RV Resort has 421 lots and a pair of buildings that are 9,700 square feet, combined, across 25.4 acres, according to Vizzda. The buildings were completed in 1954 and 1995.
The purchase breaks down to more than $57,000 per lot.
Carter is a family office that invests in real estate, credit and other markets across the U.S., according to Clayton Carter’s LinkedIn page. Clayton is also the founder and president of Dallas-based real estate investment firm Oak Wood Venturesm. He did not return a request for comment.
South Florida RV and mobile home parks have caught developers’ eyes. In June, Ram Realty Advisors filed a proposal to redevelop Biscayne Breeze Mobile Home Park at 11380 Biscayne Boulevard, and adjacent properties at 11320 and 11340 Biscayne Boulevard, near North Miami with a 400-unit multifamily project and roughly 50,000 square feet of retail.
That came on the heels of David Mordekhay of Hollywood, as well as Tom Grinberg and Gary Otto of Miami, proposing a mixed-use megaproject on the Soar Mobile Home Park site at 8050 Northwest Miami Court in unincorporated Miami-Dade County. The development would consist of 3,990 multifamily units; 250,000 square feet of retail; 107,800 square feet of offices and 312 hotel keys.
The uptick in mobile home park redevelopment could exacerbate South Florida’s affordable housing crisis, as the residential communities offer much cheaper site rentals than market-rate apartment rents. At Biscayne Breeze, residents who pay an average monthly rent of $745 could be displaced, though they may qualify for relocation assistance.