Marcus & Millichap (NYSE: MMI), announced today the portfolio sale of 3 manufactured home parks in Hinesville, Georgia. The property sold for $7,600,000.
This portfolio of park owned home communities consists of 3 parks, 93 mobile home lots, 92 park owned homes (POH), 93 tenants, mixed utilities, and semi-paved roads.
“We are pleased to announce another successful portfolio transaction in Georgia. This deal sold above list price despite that the communities were all park owned homes and in a secondary market with very challenging debt constraints,” said Glenn D. Esterson, vice president investments. Esterson and Parker Kelly, investment specialists in Marcus & Millichap’s Atlanta 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 secured and represented by Parker Kelly, Glenn D. Esterson, Dylan Hellberg and Ryan Brands, investment specialists in Marcus & Millichap’s Atlanta, Charleston, Charlotte Uptown, Raleigh office
3 Park Hinesville GA Portfolio is located at 1144 South Main Street. Located off Highway 84 near major retailers including Walmart, Lowes, Kroger. The property is a mile away from Cherokee Rose Country Club and just 3 miles from downtown Hinesville.
About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.