Marcus & Millichap closed the sale of Point Dume Club of Malibu, a 297-site manufactured housing asset located on 95.4 oceanfront acres in Malibu. Although the purchase price was not disclosed, first VP investments Dustin B. Wilmer said the property sold for “the highest price per site ever achieved by a manufactured housing community.”
Wilmer and Douglas Danny, senior managing director investments with Marcus & Millichap, listed the property on behalf of the sellers, the direct descendants of the founders of Malibu, Frederick and May Rindge. They also procured the buyer.
“Point Dume Club of Malibu is one of just two manufactured housing communities in Malibu, where in the past two years homes have sold for an average of $2.1 million and up to $5.6 million,” said Wilmer. Built in 1969 with coastal boundary lines close to Zuma Beach, Point Dume Club of Malibu is just off Pacific Coast Highway and 30 miles from Downtown Los Angeles.
