Sunday, April 19, 2015

$88 Million Manufactured Housing Portfolio Sale in New York and Pennsylvania Arranged by Marcus & Millichap


Jonathan McClellan
CLEVELAND, OH – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of an 11-property, 2,413-site portfolio of manufactured homes located in western New York State and Pennsylvania. 

The sales price for the portfolio is $88 million.

Jonathon McClellan and Kyle Baskin, both in Marcus & Millichap’s Cleveland office, represented the seller, Pittsford, N.Y.-based Morgan Management. The buyer is a joint venture between Federal Capital Partners and Horizon Land Co. LLC.

J.D. Parker, first vice president, is Marcus & Millichap’s broker of record in the state of New York. Mark Taylor of Marcus & Millichap’s Philadelphia office is the firm’s broker of record in Pennsylvania.


Kyle Baskin
“With the limited supply of institutional-quality manufactured housing communities currently available, the seller felt that now was the time to test the market,” says McClellan. “I believe that all parties involved in the transaction met their financial goals.” 

 “The seller achieved an aggressive price and the buyer attained a significant number of high-quality sites that offer ample upside and continued growth,” adds Baskin.

Gypsum Mills Estates, a five-star, 563-site community makes up 16.25 percent of the portfolio.

For a complete copy of the company’s news release, please contact:

Gina Relva, Public Relations Manager
(925) 953-1716


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