LAKELAND, Fla., July 8, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Lake Parker Court Mobile Home Park, a 37-Space manufactured homes community located in Lakeland, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $762,500.Dan Mulkey, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.The buyer, a limited liability company, was also secured and represented by Dan Mulkey. “The buying entity is a California investment concern looking for higher cap rate investments verses what they find in their home state. Lake Parker is a rental community providing a double-digit cap rate with even higher yields after debt service. The park maintains a great occupancy due primarily to the modest rental rates and a location close to employment centers. Because of the attractive cap rates rental communities are becoming very attractive alternatives to site rental parks due to their exceptional returns,” said Dan Mulkey. Lake Parker Court Mobile Home Park is located at 1140 East Lemon Street in Lakeland, Fla. Located near the downtown area, Lake Parker Court offers its residents an easy drive to most shopping, medical facilities and the Lakeland CBD. The community maintains an occupancy rate common with most rental communities and provides the high returns these investments are known for.Located in Polk County along Interstate 4 (I-4), Lakeland is home to just over 100,000 residents. It is strategically situated between Tampa and Orlando allowing it to easily service two of Florida’s largest cities. Because of this and its closeness to US 27, distribution centers have quick access to major highways for north/south and east/west travel. # # # About Marcus & Millichap (NYSE: MMI)With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap 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.
You are here: / / Marcus & Millichap Arranges the Sale of a 37-Space Manufactured Home Community