Marcus & Millichap Inc.
10/14/2024 | Press release | Distributed by Public on 10/15/2024 10:27
Marcus & Millichap Brokers $8.95M Sale of Manufactured Housing Community in Florida
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Marcus & Millichap Brokers $8.95M Sale of Manufactured Housing Community in Florida
October 14, 2024
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COCOA, Fla., Oct. 14, 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 Space Coast MHP, a 92-unit manufactured housing community located in Cocoa, Florida. The property sold for $8.95 million.
"After an extensive marketing campaign and procuring over 50 offers, we're thrilled to announce the closing of this sale for our clients at top-of-market pricing of $97,283 per lot, a 5.5% cap rate," said Dylan Hellberg, senior associate with the Esterson MHC Team. "This was a whole team effort and a challenging sale during fluctuating market conditions. We would like to thank the Seller and Buyer for giving us the opportunity to assist them in this transaction and look forward to working with both again in the future."
Hellberg and Glenn Esterson, investment specialists in Marcus & Millichap's Charlotte Uptown office, had the exclusive listing to market the property on behalf of the seller. Ryan Nee, Broker of Record in Florida, assisted in closing the transaction.
Located at 914 Clearlake Road, Space Coast MHP comprises 75 tenant-owned homes, 11 rented RV lots, four apartment units, a single-family home and a warehouse unit. The property is a part of the Palm Bay-Melbourne-Titusville MSA, in an area known as The Space Coast.
"After an extensive marketing campaign and procuring over 50 offers, we're thrilled to announce the closing of this sale for our clients at top-of-market pricing of $97,283 per lot, a 5.5% cap rate," said Dylan Hellberg, senior associate with the Esterson MHC Team. "This was a whole team effort and a challenging sale during fluctuating market conditions. We would like to thank the Seller and Buyer for giving us the opportunity to assist them in this transaction and look forward to working with both again in the future."
Hellberg and Glenn Esterson, investment specialists in Marcus & Millichap's Charlotte Uptown office, had the exclusive listing to market the property on behalf of the seller. Ryan Nee, Broker of Record in Florida, assisted in closing the transaction.
Located at 914 Clearlake Road, Space Coast MHP comprises 75 tenant-owned homes, 11 rented RV lots, four apartment units, a single-family home and a warehouse unit. The property is a part of the Palm Bay-Melbourne-Titusville MSA, in an area known as The Space Coast.
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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.