Real Estate Brokerage Firm Sells Spartanburg Mobile-Home Portfolio
Commercial real estate brokerage firm, Marcus & Millichap, specializing in investment sales, research, financing and advisory services, recently made a significant move in the real estate market of Spartanburg. They sold a four-park, 100-space mobile home portfolio, a testament to their expertise in maneuvering the real estate terrain, as reported by HERE News Network.
The portfolio consisted of four significant mobile home parks situated within Spartanburg, comprising of Gateview MHP 1 & 2 located at 108 Gateview Circle, Oasis MHP located at 26 Oasis Park Lane, Chelsea MHP located at 150 Chelsea Street, and Spring Valley MHP located at 101 Jamies Creek. The financial details associated with the deal have remained undisclosed.
Overcoming Challenges in the Market
Navigating the deal to a successful closure involved overcoming a notable array of challenges. These included a wavering debt market, a substantial ratio of older, park-owned homes and relatively small sizes of individual parks. The deal’s composition also incorporated three different cities, presenting unique dynamics to consider. Through a strategic approach, the high-quality broker team was successful in presenting the seller with a top-of-market offer that matched the contract price.
Senior Associate with the Esterson MHC Team, Dylan Hellberg, underlined the importance of having a competent broker team and a key strategy peculiar to the existing deal’s environment. He posited the team’s ability to curb and overcome hurdles as a significant factor leading to this successful transaction.
Team Involvement
Glenn Esterson and Dylan Hellberg, investment specialists based out of Marcus & Millichap’s Charlotte Uptown office, were entrusted with listing the property on the market on behalf of the seller. The buyer, whose identity remains undisclosed, was secured by them. Assisting in the closure of the transaction was Ben Yelm, the broker of record situated in South Carolina.
Property Details
The sold properties include 98 mobile home lots and two single-family homes, serviced primarily by public water. Three of the parks included in the portfolio also receive servicing by public sewer. The sale represents a significant development in Spartanburg’s real estate landscape. It emphasizes the rising interest in mobile-home parks as lucrative investment avenues, given their potential for high return on investment and stable cash flows.
This successful transaction stands as testament to the capabilities of Marcus & Millichap in negotiating real estate deals even amid challenging market situations, setting the stage for further growth and investment in the region.
