California-based, Mason Hiller Co. (Greg Mason, principal), a private real estate firm specializing in mobile home park investing, has acquired the Continental West Manufactured Home Community at 3740 N Romero Road, Tucson and Diamond Grove Manufactured Home Community at 5151 N Kain Avenue in Tucson for a combined total of $16.3 million portfolio, or 472-pads.
Both properties are located in Central Tucson. Continental West (built 1964) is a 319-pad, all-age community situated on 39.51 acres that sold for $11 million ($34,483 per lot). Diamond Grove (built 1973) is a 153-pad, all-age community situated on 17.19 acres that sold for $5.3 million ($34,640 per lot). Amenities include recreational facilities, laundry facilities, clubhouse, pool and spa. The combined occupancy of both properties was 80% at time of sale.
This is the buyer’s first investment in Tucson, Mason said, “We like the whole Tucson story, with occupancy running in the 90’s, we saw growth potential. We also like the University and the Air Force Base story for the region and prefer to invest in locations in the Sunbelt with its appeal to snow birds and second homes.” The company owns other manufactured home community assets in Western states and another in Arizona in Camp Verde, AZ, near Sedona.
The properties will be managed by Mason Hiller Co. Asset Management.
The seller of the portfolio, Continental Community, (Daniel Van Voorhis, manager), is from Oak Brook, Illinois.
Broker Jeff Mueller, formerly with CBRE, and now with Mueller & Hoffman in Denver, Colorado handled the transaction for buyer and seller.
For additional information, Mason Hiller Co. should be reached at [email protected]
To learn more see RED Comp #3382 and #3383.