CHICAGO, Feb. 20, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced today the sale of Avon Lakes Estates, a 548-site, 110-acre manufactured home community in Avon, Indiana.
“The property is located within Hendricks County, which has one of Indiana’s fastest-growing population rates,” said John Bailey, first vice president investments in Marcus & Millichap’s Chicago Downtown office. “Situated directly in the path of progress, the park has greatly benefitted from the seller’s repositioning efforts over the past 10 years, which included expanding and improving the swimming pool and adding a bathhouse, clubhouse and management offices.”
John Bailey, Bill Bailey, first vice president investments, and Ross Bailey, associate, represented the seller, Avon Lakes Ventures, LLC, an Indiana limited liability company who has owned and operated the community for more than 10 years. Kyle Baskin, senior managing director investments, and Jonathon McClellan, senior managing director investments in the firm’s Cleveland office, procured the buyer. Josh Caruana, vice president and regional manager in Indianapolis, is Marcus & Millichap’s broker of record in Indiana.
“Investor interest in manufactured home communities that present value-add opportunities is strong and well-located parks like Avon Lakes Estates with city services are especially desirable,” added McClellan.
The property’s main entrance is on Country Road 200 N, one block from Ronald Reagan Parkway, which provides residents with access to Interstate 70, Indiana University West Hospital Medical Center and Indianapolis International Airport. Most of Hendricks County’s major retail is 2.5 miles away on U.S. Route 36, Rockville Road.
Avon Lakes Estates’ community amenities include fishing lakes, walking paths and swimming and wading pools. City utilities, including water, sewer, electricity and gas are available at each site.
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With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.