Marcus & Millichap recently completed the sale of Point Dume Club, a manufactured housing community located on 95.4 acres of oceanfront property in Malibu. The exact purchase price was not disclosed, but Dustin B. Wilmer, first VP investments at Marcus & Millichap, stated that it sold for “the highest price per site ever achieved by a manufactured housing community.”
Wilmer and Douglas Danny, senior managing director investments at Marcus & Millichap, represented the sellers – direct descendants of Malibu’s founders Frederick and May Rindge – and also secured the buyer.
According to Wilmer, Point Dume Club is one of only two manufactured housing communities in Malibu where homes have been selling for an average price of $2.1 million over the past two years with some reaching up to $5.6 million. Built in 1969 near Zuma Beach with coastal boundary lines close by,Pacific Coast Highway is just off Pacific Coast Highway and approximately 30 miles from Downtown Los Angeles.
