ROVR Development Buys Miami MHC for $15M

The new owner financed the acquisition with an $8.5 million loan from Bank of America.
Paradise MHC. Image via Google Maps

A ROVR Development-led partnership has acquired Paradise manufactured housing community in Miami for $15 million, The Real Deal reported. An entity affiliated with Raul Nunez sold the property for the first time since 2006, when the asset traded for $1.6 million.

The new owner financed the acquisition with an $8.5 million loan from Bank of America, according to public records. The debt is set to mature in 2022.

Located at 2750 NW S. River Drive along the Miami River, the property is located within a dense residential area, some 3 miles from Miami International Airport and less than 7 miles from the metro’s downtown. Additionally, the community is within walking distance of several retail and dining options.

Even though the sector is still struggling with some false assumptions and stereotypes, manufactured homes have been gaining popularity as a viable alternative for affordable housing. An important demographic is made up of senior citizens choosing to relocate to warmer states, such as Florida. In many instances, opting for a manufactured home is the best option for this age group due to the low acquisition cost.