NEWS RELEASES
Bonita Springs Community Sells For $72 Million
Editor's Note: This news item was retrieved and first published through Florida Business Observer's website.
The Florida Business Observer, based in Sarasota, reports that Carlyle Property Investors, a real estate investment arm of the giant investment firm Carlyle Group, has purchased the Citrus Park RV Park and Mobile Home Community in Bonita Springs for $72 million from Trost International Inc., according to Lee County property records. The 420-acre property, developed by the Trost family beginning in the 1970s on former orange groves, includes 1,536 manufactured homes and RV sites. Amenities at the gated, 55-plus resort include swimming pools, tennis and shuffleboard courts, a softball field and golf driving range, as well as a recreation hall which hosts dances and a wide variety of activities. The community, along with several other mobile home parks in the area, suffered catastrophic flooding in August 2017, when Bonita Springs received a historic amount of rainfall, leaving many underwater for days.
Based in Washington, D.C., Carlyle Property Investors focuses primarily on investments in multifamily rental and senior housing projects. The company currently controls assets valued at about $1.4 billion, according to SEC records, and seeks properties that generate an internal rate of return between 9% and 11%. Figures compiled by Dun & Bradstreet indicate that Citrus Park generates annual revenue of about $2.55 million.
For additional information on the Bonita Springs resort, visit the Citrus Park website.