A Chattanooga company that purchased four mobile home park communities in the area since 2019 has sold the properties for $16 million and doubled its initial investment, a company official said.
Lyons Group Capital bought the sites consisting of three communities in Hamilton County and one in Rhea County, Tennessee, in 2019 and 2020 for $8 million, said company owner-principal Marcus Lyons by phone.
He said the buyer of the 263 homesites is New York-based Homes of America.
The communities are Riverglen and Stone mobile home communities, both located in Chattanooga, along with Mountain Shade Mobile Home Community in Soddy-Daisy and Mountain Creek Mobile Home Community in Dayton, Lyons said in an email.
“We sold the rental pads, and the tenants own the mobile homes,” he said. “We rented out the lots.”