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 Cedar Ridge Mobile Home & RV Park, a 67-site manufactured homes community located in Dallas, Texas, according to Tim A. Speck, division manager in the firm’s Dallas office.
Robert Denninger, an investment specialist in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Robert Denninger.
The seller was Denninger’s first contact when he decided to market mobile home parks three and a half years ago. “I wasn’t ready to sell my park, but I listened to his evaluation and what his company could provide. I was impressed with his analysis and financial model of mobile home parks. I could see he knew what he was talking about and I could trust his judgment. We worked together for three years as I relied on his expertise and market knowledge to give me guidance in building up my revenues to reach my target price,” stated the seller. They added, “When I finally decided to sell, Robert quickly brought a full price offer from a qualified out-of-state buyer. Throughout the entire sales process Robert was in the loop on every detail. Nothing escaped his attention. The entire process went smoothly, and closing was on time. Robert has certainly gained my trust and respect. My only regret is that I only had one park for him to sell”.
The buyer commented, “After a seamless first deal done, when it came time for our second, we knew we were in good hands with Robert. He is as dependable as they come and responds quickly to all communication – making this transaction feel like the top priority. Reliable communication, proactive solutions, and valuable industry insight gave us peace of mind throughout the length of the entire deal. We look forward to closing another deal with Robert Denninger and team!”
Cedar Ridge Mobile Home & RV Park is located at 5800 South Lancaster Road in Dallas, Texas. The 67-site park consists of 24 RVs on RV sites, 23 RVs on sites that can fit a mobile home or RV, 19 mobile homes that are all lot rents, and one storage site. The asset is a total of 10.82 acres in the Dallas city limits. There is available land for approximately 25 to 35 additional sites.
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.
