Chicago company purchases Colony Cove land for $35.8 million

mjohnson@bradenton.comMarch 22, 2014 

ELLENTON -- National mobile home park owner Equity Lifestyle Properties has shored up its interest in the Colony Cove community, purchasing more than 800 home sites for $35.8 million.

According to Manatee County property records, a subsidiary of the Chicago-based Equity purchased the land from the estate of Jesse Edmonds on Feb. 24. The company had been leasing the land from Edmonds, according to Lynn Mercer, president of the Home Owners Association of Colony Cove.

Colony Cove is a 55-and-older manufactured home community on U.S. 301 east of Interstate 75. A portion of the park is along the Manatee River.

The home sites Equity purchased are already leased to homeowners who are part of the Colony Cove community. In all, Colony Cove has 2,211 home sites. Homeowners own their manufactured homes, but pay for the land underneath them through annually renewable leases.

Equity made an initial buy-in at Colony Cove in August 2011, when it bought the majority of the park from Hometown America for $53.4 million, according to property records. According to the community's HOA website, the park was founded in 1955 as a church campground. It became an RV park in 1960, operating under the name Palm Acres Park. It took on its present moniker in 1973.

Mercer said the Edmonds land has been part of Colony Cove for about 15 years. She said there will be no changes in how the community operates on a day-to-day basis as a result of the Equity purchase.

Nearby, Equity also owns the Windmill Manor mobile home park in Bradenton. According to the company's website, Equity owns more than 90 Florida communities.

Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter@MattAtBradenton.

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