Hilton Cos. Buys MHC Portfolio in North Carolina
The three properties traded for a combined $5 million.
Marcus & Millichap has arranged the sale of a three-property manufactured housing portfolio in the Fayetteville, N.C., area. The company worked on behalf of the seller, a private investor, and procured the buyer—an entity related to Hilton Cos., according to Robeson County public records.
The three assets changed hands for a combined $5 million. A private lender originated a $4.9 million acquisition loan that matures in 2029 for the buyer, according to the same source. The manufactured housing portfolio includes:
- Pine Log at 4645 Pine Log Road in Lumberton, N.C.
- Pinewood Estates at 18 McAdam Road in Elizabethtown, N.C.
- White Sands MHP at 3623 Locklear St. in Fayetteville
Spanning across a total of 147 acres, but within a 35-mile radius of each other, the parks are close to Fayetteville Regional Airport and within a four-hour drive of Charlotte and Raleigh, N.C. The three communities encompass 151 lots, 128 park owned mobile homes and 61 tenants along the Southeast Interstate 95 corridor, with the most recent mobile homes completed in 2019 or later.
Marcus & Millichap’s team of Senior Vice Presidents of Investments Glenn Esterson, Michael DiCillo and Connor Outcalt, together with Executive Managing Directors Kyle Baskin and Jonathon McClellan handled the marketing efforts.
Last month, Esterson arranged another sale in the Fayetteville area: A local private investor sold Cape Fear Village, an 183-homesite manufactured housing community, for $12.8 million.
