Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Royal Coach Village Mobile Home Park, a two (2) star 194 site MHP built on 24.41 Acres located in Houston, Texas, according to Ford Noe, Regional Manager of the firm’s Houston office. The asset had a listing price of $10,500,000.
Jeff Taylor, Associate, of Marcus & Millichap’s Houston office, and Douglas A. Danny, Senior Vice President Investments, and Braeden C. Jehle, Associate, of Marcus & Millichap’s San Diego 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 represented by their own buyside broker.
Royal Coach Village Mobile Home Park is located at 700 W Greens Rd in Houston, Texas and was 98% occupied at close of escrow. The offering generated nine (9) offers in less than 30 days and sold at 103% of list price. The Buyer received a price reduction due to the pending capital expenditures to bring the existing water system up to current standards. The Seller was satisfied with the final pricing which reflected a cap rate of 5.04% with an expense load of 49%. There were no park owned homes or notes involved in the sale. For detailed information on this sale and other offerings, please contact Doug Danny at 858-373-3222 or Jeff Taylor at 713-452-4263.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
