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.
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.