LAKE WALES, FLA., November 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of College Park Mobile Home Community located in Lake Wales, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.
Dan Mulkey, a vice president investments and senior director of the National Manufactured Home Communities Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, College Park MHP, Inc. The buyer, Mainstay Financial Services, a limited liability company from Winter Haven, Florida, was represented by Cross Realty of Central Florida.
College Park Mobile Home Community was built in 1973 and is an all-age community totaling 99 home sites. The property is located at 14465 US Highway 27, approximately five miles south of State Route 60 in Lake Wales, home to Bok Tower and Botanical Gardens. Most park sites are large enough to accommodate double-wide coaches.
“The park sale was prompted by the decision of the operating owner of the community to retire,” said Mulkey. “The sale results in an investment offering Mainstay Financial an opportunity to take advantage of the existing cash flow, and the ability to improve the revenues by reclaiming ‘down units’ and back filling vacant spaces with homes for sale or lease. The end result should provide them with an excellent, long term investment.”
# # #
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.