SAINT JOHNS, Ariz., – 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 St. Johns RV Resort, a 20.33-acre recreational vehicle and manufactured home resort located in Saint Johns, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,450,000.
“After just two days on the market, this desirable property had four full price offers on the table,” said Michael Escobedo, investment specialist in Marcus & Millichap’s Phoenix office. “The buyer plans to increase occupancy by infilling vacant spots with new park models, bringing in new management, repaving the roads and adding more amenities to drive more traffic to the park.”
Escobedo had the exclusive listing to market the property on behalf of the seller, a private investor. The seller financed the transaction. The buyer, also a private investor, was procured by Escobedo.
St. Johns RV Resort is located at 2135 West 7th Street South in Saint Johns, Arizona. Built in 1977, the asset includes 142 recreational vehicle units and 15 manufactured home units.