Marcus & Millichap brokers record-breaking manufactured housing asset sale in Malibu

Marcus & Millichap 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, Calif.

“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 at 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.”

Marcus & Millichap exclusively listed the property on behalf of the sellers, the direct descendants of the founders of Malibu, Frederick and May Rindge. Marcus & Millichap also procured the buyer.

“Point Dume Club of Malibu is one of just two manufactured housing communities in Malibu, where in the last two years homes have