Real estate brokerage firm sells Spartanburg mobile-home portfolio
August 14, 2024
Commercial real estate brokerage firm Marcus & Millichap recently sold a multi-million dollar mobile home portfolio in Spartanburg. The portfolio consisted of a four-park, 100-space mobile home development, marking a significant transaction in the local real estate market.
About the Transaction
Marcus & Millichap, a real estate brokerage firm specializing in investment sales, financing, research, and advisory services, facilitated the sale of this considerable portfolio. The firm did not disclose financial details of the transaction in a recent news release.
The portfolio included four mobile home parks: Gateview MHP 1 & 2 located at 108 Gateview Circle, Oasis MHP at 26 Oasis Park Lane, Chelsea MHP at 150 Chelsea Street, and Spring Valley MHP at 101 Jamies Creek. These properties collectively contain 98 mobile home lots and two single-family homes. All of the parks are serviced by public water, and three of the four are connected to public sewage systems.
A Complex Deal
Dylan Hellberg, senior associate with the Esterson MHC Team, spoke about the challenges of the deal. “Despite challenges in the debt market, a heavy ratio of older park-owned homes, smaller individual park sizes, and three different cities included in the deal, we were able to bring the seller a top-of-market offer that closed at the contract price,” Hellberg said.
Hellberg and his colleague Glenn Esterson had the task of marketing the property on behalf of the seller. The team also procured the buyer, whose identity remains undisclosed.
Ben Yelm, South Carolina’s broker of record, provided assistance in closing the transaction. “It’s crucial to have the best strategy and broker team for your deal, especially in an environment with many hurdles involved in getting to closing,” added Hellberg.
Impact on Local Real Estate Market
The sale of this massive portfolio contributes significantly to the evolution and growth of Spartanburg’s real estate market. Deals like this continue to demonstrate the attractiveness of the area as a viable real estate investment proposition. Although mobile home parks may not traditionally be watched as closely as other property types, this transaction underlines the healthy demand for such assets. Also, it provides a noteworthy data point for the ongoing trends in the mobile home park sector.
This deal comes amidst other dynamic shifts in the local real estate market. The city of Greenville recently purchased a property near downtown for 11 million dollars, one of the largest purchases available near the city center. Also, the first phase of the new Greenville innovation district opened, setting the stage for further transformation in the region’s real estate landscape.
The successful completion of this large-scale transaction underscores the resilience and growth of Spartanburg’s market. It confirms the region’s potential and attractiveness to investors, paving the way for future deals in the area.
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