Marcus & Millichap Arranges the Sale of a 140 Space Manufactured Home Community
WINTER HAVEN, FLORIDA, April 20, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Lucerne Lakeside Mobile Home Community, a 140 space manufactured homes community in Winter Haven, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $6,625,000.
Dan Mulkey, First Vice President Investments in Marcus & Millichap’s Tampa office, sold the park to the existing owner in 2013. The park owner currently owns and operates many communities in Florida and was interested in repositioning his equity from Lucerne. The Buyer, who was secured by Mr. Mulkey, is the managing member of an investment fund out of New England who has identified the Florida market as a place they would like to build a portfolio of mobile home communities.
“This was a great opportunity for this young company to acquire a sizeable community as one of their first Florida assets” says Mulkey. “This senior community is well leased, has a nice amenity package and is situated on a beautiful 277 acre lake. It should be a good fit for the fund as one of their first acquisitions.”
Lucerne Lakeside Mobile Home Community is located at 39 Azalea Drive in Winter Haven, Florida. Built in or about 1970 this community is home to predominately single wide homes. Even though the park is older, it has been exceptionally well cared for. The amenities include clubhouse, pool, shuffleboard and boat docks.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com