MIDDLEBOROUGH, MA. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed on the sale of Oak Point (top left photo) a senior manufactured housing community for in Middleborough.
The 55-plus senior community includes 870 occupied homes and entitled, permitted land for 280 additional homes. The sales price was $55 million.
The seller, a partnership between a Connecticut-based real estate investment fund and a real estate developer from the Boston area, was represented by Dan Mulkey (middle left photo), a vice president investments in Marcus & Millichap’s Tampa office; Jonathan Harrison, a vice president investments; and Briana Barbier, a manufactured homes communities investment specialist, both in the firm’s San Diego office. Robert Horvath and Todd Tremblay in the firm’s Boston office provided local representation.
“Oak Point is a high-quality, age-restricted manufactured housing community located between Boston and Cape Cod,” says Mulkey. “Construction of the eight-phase development project began in 1998 and is currently in its seventh phase.
The community has experienced rapid lease-up activity in the years since its inception, which is a testament to the desirability of the community, the demand for this product type in the area and the skill of the onsite operating team,” Mulkey continues.
The buyer, represented by Mulkey and Harrison, is a privately held Chicago-based firm that owns and operates 56 manufactured housing communities located in multiple states, including four other communities in Massachusetts. The property is located at 200 Oak Point Drive in the Route 24 corridor, with easy access to Route 24 and Interstate 495. A commuter rail line provides daily direct access into Boston.
Middleborough, Mass., is 40 miles south of Boston, a 45-minute drive from Cape Cod and 30 miles east of Providence, R.I.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
No comments:
Post a Comment