Marcus & Millichap Closes $58M Orange County MHC Sale
Investment Property Group acquired Skandia Mobile Country Club for almost $350,000 per space.
Marcus & Millichap has brokered the $58 million sale of Skandia Mobile Country Club, a 167-site manufactured housing community in Huntington Beach, Calif. Investment Property Group paid $347,305 per space to the Coulter Family Trust for the property, which caters to residents aged 55 and over.
Located at 16444 Bolsa Chica St. on a roughly 17-acre site, the asset is 2 miles from the beach. The Bella Terra outdoor shopping mall is some 4 miles away, with downtown Los Angeles situated some 32 miles from the property. Completed in 1963, the five-star community features common-area amenities such as a pool, game room, spa and clubhouse with a full kitchen. Skandia Mobile Country Club mainly comprises double-wide spaces, all of which are all tenant-owned homes.
Marcus & Millichap Senior Vice President Investments Jeff Benson and Senior Associate Samuel Neumark worked on behalf of the seller and also procured the buyer. Skandia Mobile Country Club represents a significant upside opportunity for the buyer, given the high quality of the asset and the strong rental market in Huntington Beach, Benson said in prepared remarks.
Recently, the brokerage company closed a $38 million portfolio sale in Central Florida. The five manufactured housing properties are all located in the Palm Bay metropolitan area.