Marcus & Millichap Inc.
10/24/2024 | Press release | Archived content
Marcus & Millichap Closes Two-Property MHC and RV Park Sale in San Diego County
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Marcus & Millichap Closes Two-Property MHC and RV Park Sale in San Diego County
October 24, 2024
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VISTA, Calif., Oct. 24, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Melrose Trailer Park and Olive Avenue RV Resort in Vista, California. The total purchase price is $20.35 million.
"Melrose Trailer Park and Olive Avenue RV Resort have been owned by our clients for several generations and this is the first time the properties have ever traded hands," said Dustin B. Wilmer, first vice president investments in Marcus & Millichap's San Diego Del Mar office. "These adjacent parks were 98% occupied with strong collections at the time of the sale. The opportunity to own high-quality parks totaling 150 sites with near 100% occupancy in San Diego generated multiple offers through our company's platform and team process." Wilmer and Douglas Danny, senior managing director investments with Marcus & Millichap exclusively represented the sellers, Melrose Trailer Park Inc., and procured the buyer, Pacific Current Partners. "The new owner has many years of experience in operating recreational vehicle and manufactured housing communities throughout California and looks forward to keeping Melrose & Olive high-quality and community-oriented mobile home and RV parks. They have retained all current on-site management and maintenance staff to continue business as usual," added Wilmer.
Melrose Trailer Park is an all-age manufactured home community and trailer park consisting of 14 sites occupied by tenant-owned manufactured homes and 76 sites filled by recreational vehicles. Olive Avenue RV Resort is an all-age recreational vehicle park with 60 full hook-up recreational vehicles sites. The parks are a short drive from Oceanside, San Diego, and Temecula. Attractions nearby include Legoland, Disneyland, the San Diego Zoo, Sea World, and Del Mar Racetrack.
"Melrose Trailer Park and Olive Avenue RV Resort have been owned by our clients for several generations and this is the first time the properties have ever traded hands," said Dustin B. Wilmer, first vice president investments in Marcus & Millichap's San Diego Del Mar office. "These adjacent parks were 98% occupied with strong collections at the time of the sale. The opportunity to own high-quality parks totaling 150 sites with near 100% occupancy in San Diego generated multiple offers through our company's platform and team process." Wilmer and Douglas Danny, senior managing director investments with Marcus & Millichap exclusively represented the sellers, Melrose Trailer Park Inc., and procured the buyer, Pacific Current Partners. "The new owner has many years of experience in operating recreational vehicle and manufactured housing communities throughout California and looks forward to keeping Melrose & Olive high-quality and community-oriented mobile home and RV parks. They have retained all current on-site management and maintenance staff to continue business as usual," added Wilmer.
Melrose Trailer Park is an all-age manufactured home community and trailer park consisting of 14 sites occupied by tenant-owned manufactured homes and 76 sites filled by recreational vehicles. Olive Avenue RV Resort is an all-age recreational vehicle park with 60 full hook-up recreational vehicles sites. The parks are a short drive from Oceanside, San Diego, and Temecula. Attractions nearby include Legoland, Disneyland, the San Diego Zoo, Sea World, and Del Mar Racetrack.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.