Real Estate Journals tell MHProNews that Marcus & Millichap closed the sale of a 400-site all-age manufactured home community in Eastern Michigan. The $15.2 million sales price comes out to $37,865 per space.

Jonathon McClellan, vice president of investments, and Kyle Baskin, associate vice president of investments, both in Marcus & Millichap’s Cleveland office, represented the seller, a private investment group based in Arizona.

The buyer is Kingsley Management Corporation, Provo, Utah. This company has been in business since 1973 and presently owns more than 40 MH communities in 11 states.

The 88.2-acre community features concrete streets, mature trees and a creek. All homes have lap siding and shingled roofs. ##

(Photo Credit: Real Estate Journal Communications Group)

 

Article submitted by Sandra Lane to – Daily Business News – MHProNews.