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 Cape Fear Village, a 183-lot mobile home property located in Fayetteville, N.C. The property sold for $12,800,000, or $69,945 per space.
“We are pleased to announce the closing of Cape Fear Village. We sourced multiple offers and ultimately closed this transaction with a cash buyer in a short time frame despite numerous challenges associated with this deal,” said Glenn Esterson, senior vice president of investments. “We thank the sellers for this opportunity to assist them in disposing of this park and congratulate the new owners on a job well done.”
Esterson, investment specialist in Marcus & Millichap’s Charlotte Uptown office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.
Cape Fear Village, located at 2620 Cattail Circle, contains 183 lots across 45.8 acres, currently at 92% occupancy. The lots include 167 rented park owned homes, 13 vacant park owned homes, two tenant owned homes and one vacant lot. The community is centrally located in the fast-growing Fayetteville MSA with close proximity to Fort Bragg Army Base.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national 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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
