07/26/2021 | Press release | Distributed by Public on 07/27/2021 09:09
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 increased occupancy 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:
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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.