ZEPHYRHILLS, Fla., June 2, 2014 – 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 Colonial Four RV, a manufactured home community in Zephyrhills, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $875,000.
Dan Mulkey, a vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, an owner/operator.
Colonial Four RV is a 55 and older community located at 6991 Fort King Road in Zephyrhills, Fla. Developed prior to 1974, this RV community is a mix of seasonal RV sites, as well as permanent residents including many park model homes. The property is situated on five acres and has 57 rental sites, along with a brick pool home for the use of the owner or manager. There are 37 annual site rentals in the community, including eight park model homes. The seasonal sites are generally filled each year with many of the same campers predominantly coming from Canada.
“This community was purchased by a well-known sports figure looking for a local investment. His plans include bringing in additional permanent units, thereby stabilizing the park’s annual income,” says Mulkey.
“This investment offers him good initial returns plus upside, and I feel confident he will be pleased with this purchase,” concludes Mulkey.
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment 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 6,600 transactions in 2013 with a value of approximately $24 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