Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Riverside Estates,a 358,499-square-foot, 304 pad manufactured home parkin Covington, Georgia. The asset sold for $16.25 million.
“The buyer and seller were able to work through a tough interest rate environment and get the deal closed. This is the second time we have sold this community, and it’s been a great experience helping the seller take it full circle,” said Parker Kelly,vice president investments.
Kelly in Marcus & Millichap’s Atlanta office,GlennEstersonof the firms Charlotte Uptown office and Dylan Hellberg along with Ryan Brands, investment specialists out of Marcus & Millichap’s Charleston office collaborated toexclusively market the property on behalf of the seller, Forrest Street Partners II. The buyer, The BoaVida Group, was also procured by Kelly and Esterson.
Riverside Estates is located at 1891 Access Road, along Georgia Highway 81. 1224 W. C-48 and 1333 W. C-48. The property was originally developed in 1980 and was 90% occupied at closing.
About Marcus & Millichap, Inc. (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.
