HOLBROOK, AZ, October 13, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Red Rock MHP & OK RV Park, a 17-acre RV park with attached mobile home park located in Holbrook, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,050,000.
“The buyer saw the potential in this property due to its RV park outperforming the mobile home park financially, which is not the typical scenario,” said Michael Escobedo, an investment specialist in Marcus & Millichap’s Phoenix office who procured the buyer, a limited liability company. “By bringing in new homes, infilling the mobile home park, increasing occupancy, creating new roads, and increasing capital expenditures to upgrade the appearance, the buyer plans to drastically increase the income from the property.”
Red Rock MHP & OK RV Park is located at 1576 Roadrunner Road in Holbrook, Arizona. Built in 1975 on 17.58 acres, this property includes 160 units.