Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Riverside Estates, a 305 pad RV & manufactured home community located in Covington, GA, according to John M. Leonard, regional manager of the firm’s Atlanta office. The asset sold for $8,250,000.
“The buyer was able to attack the issues on this deal and worked extremely diligently to get this closed,” says Parker Kelly, associate in Marcus & Millichap’s Atlanta office. “The seller could not have been better and made the transaction possible.”
Parker, in addition to Glenn D. Esterson and Vasili Arvanitidis, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Kelly and Esterson.
Riverside Estates is located at 1891 Access Rd in Covington, GA. The park consists of of 112 mobile home tenants, 135 RV tenants, 35 vacant RV pads, 20 vacant mobile home pads and 3 storage units.