12-Property Manufactured Home Community Changes Hands-Manufactured Housing “A Hot Commodity”

(Source: Multi-Housing News) – Marcus & Millichap has brokered the sale of 12 manufactured housing communities in the Southeast, which were 82 percent occupied at the time of the deal.

Encompassing 544 units, the portfolio spreads across Thomasville, Cairo and Ochlocknee, Ga., and Monticello, Fla. It includes 478 manufactured housing lots, 60 recreational vehicle lots and six single -family homes. The 478 lots are made up of 83 tenant-owned homes, 298 rented park-owned homes, 86 vacant lots and 11 vacant park-owned homes.

All the assets are located in areas with located with strong affordable housing demand, robust demographics and favorable tax climates,, according to a prepared statement from Glenn Esterson, senior vice president of investments in Marcus & Millichap’s Charlotte Uptown office, Esterson, along with Senior Associate Dylan Hellberg of the firm’s Charleston office worked on behalf of the seller and procured the buyer.

A hot commodity

Manufactured housing has been gaining momentum as a hot asset class within the commercial real estate industry. An increasing number of investors have been entering the space due to MHC’s robust fundamentals, particularly stable occupancy rates and increasing rents. Additionally, these real estate types are seen as an efficient way to address growing housing affordability challenges across the country.

Some of the most coveted areas for MHC investments are in the Sun-Belt, particularly Florida, Arizona, Texas and New Mexico.
Going forward, decreasing interest rates are expected to continue to stimulate sales velocity, Danny Douglas, senior managing director with Danny Group at Marcus & Millichap, told Multi-Housing News in late 2024.