Three Pillar Communities has sold Royal Palms Mobile Home Estates, a 96-site manufactured housing community in Tulare, Calif. The property traded for $10.2 million at a 35 percent annualized rate of return for the company’s investors.
The seller previously purchased the asset in 2019 for $5.5 million, with Berkadia Commercial Mortgage Managing Director Art Tuverson originating the acquisition financing. Public records show the $3.9 million Freddie Mac debt was set to mature in 2029.
Located at 560 W. Pleasant Ave., the over 55 community is less than 2 miles from several retail and dining choices, as well as roughly the same distance to a health clinic. Completed in 1968, the community features common-area amenities such as a pool, clubhouse and lending library.
Marcus & Millichap Senior Associate Sam Neumark and Northmarq Managing Director Jeff Benson brokered the deal. The team has brokered more than $200 million of mobile home park transactions in the past three years. A different Marcus & Millichap team brokered the sale of a five-property portfolio in Central Florida for $38 million. All the manufactured housing properties are within 50 miles of downtown Orlando.