Press Releases
Marcus & Millichap Closes 12-Property Manufactured Housing Portfolio Sale
January 24, 2025
CHARLOTTE, N.C., Jan. 22, 2025 – 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 12-property manufactured housing portfolio in Georgia and Florida.
“Built around markets with strong demand for affordable housing, robust population growth, workforce development, state incentives for companies, good tax climates, and access to a large pool of job talent, the portfolio provides new ownership with strong management efficiencies and the opportunity to create even more scale,” said Glenn Esterson, senior vice president investments in Marcus & Millichap’s Charlotte Uptown office. “Approximately 82% occupied at the time of the sale, upside can be gained through increased occupancy, conversion from park-owned to tenant-owned homes, and the expansion of three parks.” Esterson and Dylan Hellberg of Marcus & Millichap represented the seller and procured the buyer.
The portfolio has 544 units, including six single-family homes, 60 recreational vehicle lots, 478 manufactured home lots that consist of 83 tenant-owned homes, 298 rented park-owned homes, 86 vacant manufactured home lots and 11 vacant park-owned homes. The parks in Georgia are in Thomasville, Cairo, and Ochlocknee. The park in Florida is in Monticello.
Marcus & Millichap’s brokers of record in Georgia and Florida are John Leonard and Ryan Nee, respectively.
“Built around markets with strong demand for affordable housing, robust population growth, workforce development, state incentives for companies, good tax climates, and access to a large pool of job talent, the portfolio provides new ownership with strong management efficiencies and the opportunity to create even more scale,” said Glenn Esterson, senior vice president investments in Marcus & Millichap’s Charlotte Uptown office. “Approximately 82% occupied at the time of the sale, upside can be gained through increased occupancy, conversion from park-owned to tenant-owned homes, and the expansion of three parks.” Esterson and Dylan Hellberg of Marcus & Millichap represented the seller and procured the buyer.
The portfolio has 544 units, including six single-family homes, 60 recreational vehicle lots, 478 manufactured home lots that consist of 83 tenant-owned homes, 298 rented park-owned homes, 86 vacant manufactured home lots and 11 vacant park-owned homes. The parks in Georgia are in Thomasville, Cairo, and Ochlocknee. The park in Florida is in Monticello.
Marcus & Millichap’s brokers of record in Georgia and Florida are John Leonard and Ryan Nee, respectively.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
