Frank Sagnibene and Johnny Mann, doing business as Frankie and Johnny Mobile Home Communities, purchased two mobile home parks in Livingston Parish. On Feb. 26 they purchased Prestige Place on Walker South Road near where the new Our Lady of the Lake Hospital will build their new medical center. The other park included in the transaction was the Pleasant Oaks Mobile Home Park on Florida Boulevard. Don Fruge at Dixon Real Estate brokered both properties. According to Sagnibene, both are highly restricted, and Pleasant Oaks has a small clubhouse and pool. Both parks have asphalt-paved streets and paved parking spots. There were a total of 134 spaces in both parks with the potential to expand to 166 spaces. The sale closed for $2.3 million or $17,187 per pad site based on the 134 existing pad sites. “We were looking for a good solid return on our investment and found it in these parks” Sagnibene says.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)