SIERRA VISTA, Ariz.– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Los Arcos Mobile Home Park located in Sierra Vista, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,200,000 ($13,800 per lot).
Michael Escobedo, investment specialist in Marcus & Millichap’s Phoenix office, alongside Glenn Esterson in the firm’s Charlotte Uptown office, represented the seller, a private investor in the transaction. “We brought an appealing offer to the table with a well-qualified and experienced buyer on the other end that ultimately met the seller’s goals of allowing him to retire with his wife, visit his daughter, and travel across the country.”
The buyer, an individual/personal trust, was also procured by Escobedo and Esterson. “By showing proof of funds upfront and bringing a good offer from the start, we were able to place the property in escrow,” Escobedo explained. “After overcoming a few challenges, we locked in financing with the buyer’s personal banking partner and closed the deal.” The buyer plans to provide immediate improvements to the infrastructure of the park.
Los Arcos Mobile Home Park is located at 650 East Busby Drive in Sierra Vista, Arizona in an excellent location just minutes to downtown Sierra Vista and within three miles of Walmart Supercenter. This 37.31-acre property has 232 total lots. 12 RV lots, 79 vacant lots, and 27 park-owned homes. Current occupancy is at roughly 60%.