Geiger Key Marina Sold to Parakeet Communities

Billy Nash, founder of Nash Luxury at Illustrated Properties – a member of The Keyes Family of Companies, closed the sale of Geiger Key Marina, Restaurant, RV Park and Fish Camp, offered at $17.5 million.

Bobby Mongelli, owner of Geiger Key since the 1970s, sold the mixed-use property to Parakeet Communities. Based in Rockville, Maryland, Parakeet specializes in operating manufactured housing communities throughout the United States. It has more than 25 communities in Florida alone and is actively seeking acquisitions to add to its portfolio of premier properties.

The transaction closed on August 31. Nash led a discreet marketing process for Geiger Key, qualifying the right buyer for the unique property. Nash partnered with David Kendall, a marina sales expert and senior advisor at SVN Florida Commercial, in the transaction.

Named after Captain John Geiger, one of Key West’s early residents, Geiger Key is located within 30 minutes of Old Town. It includes an RV park with nearly 40 pads available for rent, a boat basin, restaurant, and a tiki bar. Parakeet plans to operate the property as is, maintaining the rich tradition of Geiger Key.