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| 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.
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| 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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