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 Oakwood Mobile Home Park, a 94-space manufactured home community located in Nash, 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 marketed the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Denninger.
The seller commented, “Robert and I started talking years ago. I had interest in possibly selling, but had multiple partners and was really not interested in the Exclusive Representation Agreement – especially since we have a close relationship with a local broker here in Texarkana. That local broker was able to put the deal under contract with a buyer months ago, but the nature of the park-owned homes and SOLs created confusion while under escrow and, unfortunately, we were not able to get to the finish line. Robert followed up with me after the fact and brought a strong offer from a buyer he had closed with on multiple deals. He really stressed using a title company that understood the SOLs and how to process them considering my park was primarily a park-owned property. We had a relationship with a local title company but decided to go with the title company Robert recommended. The buyers ended up closing more than two weeks before the contract called for with no re-trade (or re-trade attempt) in the heat of the Covid-19 chaos and I’m very grateful for Robert’s leadership through this process. If I had more parks to sell there is no question I would utilize Robert and his team!”
The buyer added, “Working with Robert again on a transaction has been a pleasure. This is our third manufactured housing community we have purchased through Robert’s team, and we were pleased once again. We had originally sought this property over a year ago with a local broker, and were never able to get a deal done. When Robert stepped in and was able to use his expertise in the space to explain our offer in depth with the seller, we were able to get the property under contract and eventually close. Robert also recommended a title company that has high expertise in manufactured housing closings, and using his recommendation removed the typical administrative/legal headache in the closing process. Thanks again Robert!”
Oakwood Mobile Home Park is located at 700 E New Boston Rd in Nash, Texas.
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.
