Two 55-Plus Manufactured Home Communities in Manatee County, FL Sell for $27.8 Million

Kyle Baskin

PALMETTO, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of two adjacent 55-plus manufactured home communities in Palmetto, Fla.

They are the 244-space Palm Bay, which sold for $13.1 million and Colonial Mobile Manor, which has 235 spaces and brought $14.7 million.

            Kyle Baskin and Jonathon McClellan, vice presidents investments in Marcus & Millichap’s Cleveland office, represented the buyer, Kingsley Management. Kirk Felici, first vice president and district manager in the firm’s Miami office, is Marcus & Millichap’s broker of record in Florida.

            “Given the current market conditions, and the demand for larger, age-restricted communities throughout the nation, we feel that both buyer and seller capitalized on this unique opportunity,” says Baskin.

“We are extremely pleased with the buyer’s ability to complete this transaction,” adds McClellan.

Palm Bay is located at 751 10th St. East, U.S. 301 N. in Palmetto and Colonial Mobile Manor is adjacent at 900 9th Ave. East.

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

Gina Relva

Public Relations Manager

(925) 953-1716