Marcus & Millichap Real Estate Investment Services recently arranged the sale of the Melrose Portfolio, a five-property manufactured housing portfolio. Four communities are located in Ohio and one is in New York State. The $11.8 million sales price equals about $22,736 per site.
Kyle Baskin and Jonathon McClellan, senior associates in Marcus & Millichap’s Cleveland office, represented the seller, Melrose MHP LLC. The buyer is public equity real estate investment trust UMH Properties Inc.
The Melrose Portfolio communities contain 519 developed home sites situated on about 200 acres. Average occupancy at the time of sale was about 82 percent.
