Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Florida MHP LLC, a 14-space manufactured homes community located in Gibsonton, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $1,250,000.
Dan Mulkey, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Dan Mulkey.
“This 14-home rental home community had only two homes in place at the time the Seller bought it. He completely rebuilt and filled the park with an additional 11 new homes plus 1 home purchased and completely renovated. The utilities were re-worked including a new sanitation system and new electrical services. Additionally, the Seller had the street resurfaced. The park is a perfect fit for the new, out of state owners as they buy their first Florida park,” said Mr. Mulkey.
Florida MHP LLC is located at 7515 Symmes Road in Gibsonton, Fla. The Gibsonton area with its historically high occupancy rates is the direct result of the strong rental market for affordable housing in the immediate area. As stated, this park has high appeal since most of the homes are new and can thus capture higher rental rates.