A company linked to a Miami developer has acquired the Pine Isle Park senior mobile home community near Homestead for $12.99 million.
Martin J. Dureiko sold the 43.7-acre property at 28600 S.W. 132nd Ave. to MAC Thirteen LLC, managed by Rolando Delgado, a principal of Miami-based the Treo Group. The deal included $11.5 million of seller financing, with that loan maturing Jan. 13, 2021 with a balloon payment of $7 million.
According to mhvillage.com, Pine Isle Park was developed in 1977 and has 317 mobile home lots restricted to residents ages 55 and up.
The Treo Group has several mixed-use development sites in the works in Miami-Dade County, including Somi Station in South Miami and the Regatta Harbour in Coconut Grove.
“We view it as a value add play of the existing operation with tremendous future redevelopment potential,” Delgado said.
South Florida Business Journal