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Posts Tagged ‘marcus & millichap’

Multifamily Conference to Attract 2,000 Professionals

September 23rd, 2014 Comments off

multifamily modular   jackson green  in jersey city  GRO architects   creditThe RealShare Conference Series is sponsoring a RealShare Apartments conference of 2,000 multifamily professionals in Los Angeles, October 15-16, 2014, according to globest.com. The following presenters at the conference represent companies that have all been involved in the manufactured housing industry: John Sebree, Vice president of Marcus & Millichap. Laurie-Lustig Bauer is executive vice president of CBRE, and Brian Eisendrath and Tyler Anderson are Vice Chairman of CBRE. Jeff Burns, senior vice president at Walker & Dunlop, and Scott Croul, Managing Director of Production and Sales at Freddie Mac. MHProNews understands the agenda for the numerous presenters does not include modular housing. ##

(Image credit: GRO Architects–Jackson Green modular community in Jersey City, NJ)

Rainbow Rock Community in Florida Sold by M&M

July 14th, 2014 Comments off

Commercial real estate investment services firm Marcus & Millichap (NYSE:MMI) arranged the sale of Rainbow Rock Mobile Home Park in Plant City, Florida from a Wisconsin-based limited liability company to a private investor from Washington for $1.28 million. Built in 1954, the community sits on about ten acres and is comprised of 46 manufactured home sites, 21 recreational vehicle sites and 20 one-bedroom, one-bath apartments. MHProNews knows M&M is very active in sales of manufactured home communities. ##

(Photo credit: Marcus & Millichap)

Park Street Acquires MHC in Kansas

July 14th, 2014 Comments off

Private investment firm Park Street Partners acquired the Cherrywoods Manufactured Home Community in the Kansas City area. The 45-homesite all age, four star community sits on six acres in Ottawa, Kansas, reports motoemag.com. Jefferson Lilly of Park Street says the company intends to make Cherrywoods into “the premier affordable housing option for families on a budget in Ottawa.” While the terms of the sale were not disclosed, the community was built in 1997, and Broker Jeff Mueller, formerly of Marcus & Millichap and now with CBRE, represented the seller. MHProNews understands Park Street, headquartered in Ladera Ranch, California has investments in a number of manufactured housing communities in several states. ##

(Image credit: CBRE)

Marcus & Millichap Engineer MHC Sale

July 3rd, 2014 Comments off

Patio Garden Mobile Home Community, a 90-site, senior manufactured home community (MHC) in Mesa, Ariz., was sold by Marcus & Millichap (NYSE:MMI) for $4.5 million, according to sddt.com. The transaction was part of a 1031 exchange for a San Diego apartment portfolio, MHProNews has learned. Douglas Danny, of M&M’s National Manufactured Home Community Group, was the principal in the deal. Built in 1977 on 9.52 acres, the fully occupied community includes 73 MHC sites and17 sites for recreational vehicles (Rvs), as well as a clubhouse, laundry facilities and a car and RV wash. ##

(Image credit: Marcus & Millichap)

Sports Figure Invests in Florida MHC

June 3rd, 2014 Comments off

Marcus & Millichap (NYSE:MMI) has arranged the $875,000 sale of 55 and older community Colonial Four RV in Zephyrhills, Florida from the owner/operator to a well-known sports figure. A mix of manufactured homes and seasonal recreational vehicle home sites, the community is set on five acres and has 57 rental sites, 37 or which are annual sites often rented by campers coming from Canada. The new owner intends to add permanent units, which will increase the financial stability of the community. MHProNews.com understands M&M racked up $24 billion in commercial real estate sales last year. ##

(Photo credit: Marcus & Millichap–Colonial Four RV)

Marcus & Millichap to Present at annual William Blair Conference

June 2nd, 2014 Comments off

National brokerage firm Marcus & Millichap, Inc. (NYSE:MMI) has announced that its chief financial officer (CFO), Marty Louie, and Hessam Nadji, Senior Vice President and Chief Strategy Officer, will present at the William Blair 34th Annual Growth Stock Conference, to be held June 10-12, 2014 at the Four Seasons Hotel in Chicago. The company, which specializes in commercial real estate transactions and services, will be on tap Thurs., June 12, at 10:00 AM central time, according to investors.com. On April 21, 2014 MHProNews.com reported the company said its sales grew from $17 billion in 2011 to $24 billion in 2013. The 2011 tally included $346 million in manufactured housing community (MHC) sales. M&M launched a new website earlier this year that offers more efficient access to its $8 billion in listings and 1,300 agents, as well as more thorough information on a variety of markets, from its headquarters in Calabasas California. ##

(Image credit: Marcus & Millichap, Inc.)

Firm that Sells Land Lease Communities Updates Website

April 21st, 2014 Comments off

Real estate investment services firm Marcus & Millichap (M&M), which closed over 6,600 transactions in 2013 with a value of approximately $24 billion, has announced the launch of its new website with quicker access to over $8 billion in listings, better direct connection to 1,300 agents and more information and data on a variety of markets. Dec. 2, 2013 MHProNews.com reported M&M brokered a deal involving five MHCs for $11.8 million. MHProNews.com posted a story June 21, 2012 that the company’s sales reached $17 billion in 2011, $346 million of which were MHCs. “Our new website is a reflection of our culture of information sharing and commitment to offering the most efficient system of matching buyers and sellers in the investment marketplace,” says president and CEO John J. Kerin, according to marketwatch.com. Headquartered in Calabasas, California, M&M has 78 offices in North America. ##

(Photo credit: nbcsandiego.com–manufactured housing community)

Land Lease Community Changes Hands

March 19th, 2014 Comments off

The Reseda Mobile Estates in California has been acquired by Anaheim, CA-based Reseda mhp Associates LP for $13.1 million. According to Briana Barbier of Marcus & Millichap, who represented the seller, the 108-site manufactured home community “is a stable, well-maintained community that provides affordable housing in the expensive, high-demand San Fernando Valley rental market.” Built in 1960, the 8.5 acre site includes two clubhouses, a pool, spa and patio for barbecues, according to sfvbj.com. It is at full occupancy and comprised of mostly multi-section homes, MHProNews.com has learned.

(Photo credit: MHProNews.com.)

Seller Identified in Manufactured Housing Community Transaction

December 2nd, 2013 Comments off

Updating a story MHProNews posted Nov. 8, 2013, Marcus & Millichap’s Cleveland office represented Melrose MHP LLC in closing the sale of five manufactured housing communities (MHCs) to real estate investment trust (REIT) UMH Properties for $11.8 million. According to rejournals.com, the homesites cost $22,736 per. UMH has been particularly aggressive recently in acquiring communities near the Utica and Marcellus Shale energy drilling region that encompasses eastern Ohio and western Pennsylvania and New York. This addition of four of the communities in Ohio and one in New York to its stable brings UMH’s portfolio to 74 communities comprised of 13,400 developed home sites.

(Photo credit: UMH Properties, Inc.)

Is Demand for Land Lease Communities Heating Up?

October 15th, 2013 Comments off

Private equity firm Carlyle Group LP has entered the manufactured housing community (MHC) business in acquiring two communities in Florida from Shamrock Holdings LLC of Arizona for $30.8 million. While this is the company’s first foray into the MH industry, analysts say investors are betting this aspect of the housing market will expand as an affordable dwelling for seniors, especially as alternatives become too expensive. Village of Ponce de Leon in Melbourne Beach and Sun Valley Estates in Tarpon Springs, both cater to those 55 and older. As wsj.com reports, communities geared toward retirees were 92 percent full in October, according to research firm JLT & Associates. Occupancy is 89 percent at Sun Valley and 82 percent at Ponce de Leon, MHProNews has learned. As demand rises, prices per homesites rise: Hometown America recently paid $121,000 per site for a community in Arizona, the highest ever paid in the state, according to Evan C. Barry of Marcus & Millichap. UMH Properties’ CEO Sam Landy says he expects to pay $40,000 per homesite this year, an increase from $26,000 just two years ago.

(Photo credit: thinkstock–manufactured housing community)