Marcus & Millichap Negotiates Five-Property Manufactured Housing Portfolio Sale
CHARLOTTE, N.C., Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a five-property manufactured housing park portfolio located in the Palm Bay metropolitan area of Florida. The properties sold for a total of $38 million.
The solid operational performance of manufactured housing community investments during the health crisis has drawn a wider range of investors and capital is flowing into the sector,” said Glenn Esterson, vice president investments in Marcus & Millichap’s Charlotte Uptown office. “We expect this trend to continue as high home prices and multifamily rents will keep generating demand for lots in manufactured home communities and new supply remains limited.” Esterson represented the seller, a regional owner. Dylan Hellberg of the Esterson MHC Team in Marcus & Millichap’s Charleston office procured the buyer, a newer national buyer with a focus in Florida. “The portfolio is composed of stabilized, mostly land-lease parks in a strong market with upside opportunities through increasedoccupancy and a 55-lot expansion area,” said Hellberg. Ryan Nee, first vice president and district manager, is Marcus & Millichap’s broker of record in Florida.
The properties are:
- Intercoastal Estates, 141 developed lots and a rented single-family home in Titusville
- Colony Park Mobile Home Village, 143 developed lots and 55 undeveloped lots in Merritt Island
- Cypress Strand Mobile Home Park, 98 developed lots and a rented three- bedroom apartment in Cocoa
- Cocoa Point Mobile Home Park, 45 developed lots in Cocoa
- Lake Runnymeade Mobile Home Park, 76 developed lots in St. Cloud
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About Marcus & Millichap (NYSE: MMI)
With over 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 8,954 transactions in 2020 with a value of approximately $43 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.