Moses Tucker Partners of Little Rock announced the $17.5 million acquisition of a waterfront property in the Florida Keys.
The 7.23-acre property is located on U.S. Highway 1 in Marathon, about 50 miles east of Key West. The property includes residential uses as well as a marina, commercial frontage and direct access to the Gulf of Mexico, Moses Tucker said in a press release Monday.
Moses Tucker purchased the property as part of a joint venture with real estate investment firm Equity Partnership Holdings of Denver, Colorado.
The property includes mobile homes and will be managed by Sanddollar Communities Management, the largest mobile home park management company in the country. Moses Tucker plans to continue the residential use of the property, while upgrading the condition and long-term viability of the site, a company spokeswoman said.
Marathon has a population of about 10,000 and more than 750,000 annual visitors with year-round demand, the company said.
“This acquisition directly supports our mission of expanding access to housing and community assets in high-barrier, high-demand markets,” Moses Tucker President and CEO Chris Moses said in a press release. “The Florida Keys represent one of the most desirable and supply-constrained housing markets in the country.”
Moses Tucker has previously worked with Equity Partnership Holdings on $150 million in new multifamily investments in the Dallas-Fort Worth area as well as the recently renovated Bob R. Brooks Jr. Justice Building in Little Rock. The companies also plan to break ground on a 357-unit multifamily development in Fayetteville in the coming weeks, a spokeswoman said.
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