12-Property MHC Portfolio Changes Hands
Marcus & Millichap arranged the sale of 500-plus units in two states.

Marcus & Millichap has brokered the sale of 12 manufactured housing communities in the Southeast, which were 82 percent occupied at the time of the deal. The brokers did not disclose the closing price, but they told Multi-Housing News that the list price was $32 million.
Encompassing 544 units, the value-add portfolio spreads across Thomasville, Cairo and Ochlocknee, Ga., and Monticello, Fla. It includes 478 manufactured housing lots, 60 recreational vehicle lots and six single-family homes. The 478 lots are made up of 83 tenant-owned homes with an average lot rental rate of $389 per month, 298 rented park-owned homes at a monthly average rent of $885, 86 vacant lots and 11 vacant park-owned homes.
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Most of the properties that changed hands are located in Thomasville: Pinetree Place at 790 E. Pinetree Blvd., Rose City Estates at 4561 US Highway 319 S., Red Tip Acres at 11024 GA Highway 122, Eastern Pines RV Park at 277 Old Boston Road, Whispering Pines at 105 Old Boston Road, Pine Hills at 1720 S. Pinetree Blvd., Summer Pines at 11383 US Highway 84 E., Azalea at 1388 N. Pinetree Blvd. and Pine Lake at 2478 Cassidy Road. The other communities that were part of the portfolio sale are Pine Terrace at 4164 US Highway 84 E in Cairo, Pine Grove at 23841 at US Highway 19 N. in Ochlocknee and Jefferson Pines at 14 N. Front Ct in Monticello.
The assets are all-age communities located in areas with strong affordable housing demand, robust demographics and favorable tax climates, according to a prepared statement from Glenn Esterson, senior vice president of investments in Marcus & Millichap’s Charlotte Uptown office. Esterson, along with Senior Associate Dylan Hellberg of the firm’s Charleston office worked on behalf of the seller and procured the buyer.
“This is a good example of a deal where having the right brokerage team is especially important,” Hellberg told MHN. “With so many properties and moving pieces, we can help make sure no aspect of the portfolio is undervalued.”
A hot commodity
Manufactured housing has been gaining momentum as a hot asset class within the commercial real estate industry. An increasing number of investors have been entering the space due to MHCs’ robust fundamentals, particularly stable occupancy rates and increasing rents. Additionally, these real estate types are seen as an efficient way to address growing housing affordability challenges across the country.
Some of the most coveted areas for MHC investment are in the Sun Belt, particularly Florida, Arizona, Texas and New Mexico.
Going forward, decreasing interest rates are expected to continue to stimulate sales velocity, Danny Douglas, senior managing director with The Danny Group at Marcus & Millichap, told Multi-Housing News in late 2024.