PAYSON, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the portfolio sale of Star Valley Motel & Mobile Home Park and C-Bar Diamond Mobile Home & RV Park located in Payson, Arizona. According to John Vorsheck, regional manager of the firm’s San Diego office, the asset sold for $2,000,000.
“The attractive seller-financing terms, low vacancy, and our wide marketing campaign helped us to bring in several offers for these parks,” said Dustin Wilmer, investment specialist in Marcus & Millichap’s San Diego office. “The buyer comes from a long line of successful mobile home and RV park owner/operators and plans on making many upgrades to the park, starting with the roads. We are excited to see what these properties will look like at this time next year.”
“These parks have a total of 51 mobile home/RV sites, a nine-unit motel, three commercial units and two apartments, and are 100% occupied with no park owned homes,” added Michael Escobedo, investment specialist in the firm’s Phoenix office. Wilmer and Escobedo had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was also procured by Wilmer and Escobedo.
Star Valley Motel & Mobile Home Park is located at 3758 East AZ Highway 260 and C-Bar Diamond Mobile Home & RV Park is located at 3760 East AZ Highway 260, both in Central Star Valley across the street from City Hall on Highway 260 in Payson, Arizona.