(Editor’s Note: According to public documents reviewed by The Registry, Chicago-based Hometown America spent $170 million, or around $572,390 per site, to acquire the property from Pomona-based ADM Properties. The property is located at 29500 Heathercliff Rd. in Malibu, and the sale closed on September 17, 2024.)
MALIBU, Calif.–Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Point Dume Club of Malibu, a five-star, 297-site manufactured housing asset located on 95.4 oceanfront acres in Malibu, California.
“On the market for the first time since the underlying land was purchased in 1892, Point Dume Club of Malibu has sold for the highest price per site ever achieved by a manufactured housing community,” said Dustin B. Wilmer, first vice president investments in Marcus & Millichap’s San Diego Del Mar Office. “The property is on the last 95.4 acres of the original 13,330-acre Rancho Malibu and is the largest privately owned oceanfront parcel in Malibu.” Wilmer and Douglas Danny, senior managing director investments with Marcus & Millichap, exclusively listed the property on behalf of the sellers, the direct descendants of the founders of Malibu, Frederick and May Rindge. Wilmer and Danny also procured the buyer…