PHOENIX, ARIZONA – The NAI Horizon Manufactured Housing Investments team of Russ Warner, Andrew Warner and Victoria Filice negotiated the $5.4 million sale of Palms Mobile Home Park, 1050 E. Broadway Ave., in Apache Junction, Arizona.
NAI Horizon represented the seller, Christine G. Weech Testamentary Trust & Hyrum Newell Weech Testamentary Trust of Safford, Arizona.
Built in 1970, Palms Mobile Home Park is a senior living community with 89 spaces. Amenities include a clubhouse with meeting space and a kitchen; shuffleboard courts; and lighted streets.
The price equates to a 2.6 percent cap rate using 2018 actual income and expenses.
“This was an older but extremely well-maintained senior park with upgraded infrastructure and extremely low rents,” said Russ Warner, a Senior Vice President in Manufactured Housing Investments. “The buyer was in a position to integrate the park with his adjacent property, White Sands Mobile Estates.”
Andrew Warner is an Associate at NAI Horizon. Victoria Filice is an intern in the Investment Sales Division.
The buyer was First Exchange Company as Qualified Intermediary for White Sands MHC LLC c/o MHC Management Services LLC of Tampa, Florida.