Marcus & Millichap Brokers $38M MHC Portfolio Sale

The Central Florida collection totals a little over 500 developed lots across five properties.

Colony Park Mobile Home Village. Image via Google Street View

Marcus & Millichap has negotiated the sale of a five-property portfolio in Central Florida, for $38 million. The manufactured housing communities are located in the Palm Bay, Fla., metropolitan area, and all assets are within 50 miles of downtown Orlando. The buyer was an out-of-state investor, while the seller was a regional private owner.

The properties included in the transaction are as follows:

  • Intercoastal Estates, which comprises 141 developed lots and a rented single-family home located at 1481 N. US Highway 1 in Titusville;
  • Colony Park Mobile Home Village, comprising 143 developed lots and 55 undeveloped lots at 6786 Mangrove Drive in Merritt Island;
  • Cypress Strand Mobile Home Park, situated at 3305 Frankie Lane, which includes 98 developed lots and a rented three- bedroom apartment in Cocoa;
  • Cocoa Point Mobile Home Park, which features 45 developed lots at 340 Mallets Bay Lane in Cocoa;
  • Lake Runnymeade Mobile Home Park, totaling 76 developed lots at 1310 W. Rosewood Ave. in St. Cloud.

Growing sector

Marcus & Millichap Vice President Investments Glenn Esterson worked on behalf of the seller, while Associate Dylan Hellberg from the same brokerage company procured the buyer.

The collection comprises stabilized, mostly land-lease parks in a strong market with upside opportunities through increased occupancy and a 55-lot expansion area, Hellberg said in a prepared statement.  

According to Esterson, the sector’s solid operational performance during the pandemic has attracted a diverse range of investors and capital. The trend is expected to continue, as high home prices and multifamily rents keep demand high and new supply is limited.    

You May Also Like

The latest multifamily news, delivered every morning.

Most Recent