Country Club Village Mobile Home Community Closes for $44 million
PHOENIX, ARIZONA -- Northmarq’s Manufactured Housing group announced the sale of Country Club Village, a 493-site manufactured housing community located at 2060 N. Center Street in Mesa, Arizona. The buyer was Havenpark Communities, LLC from Orem, Utah.
Northmarq’s Phoenix team of Jared Bosch, Don Vedeen and Chris Michl and the Los Angeles team of Jeff Bensen and Samuel Neumark brokered the sale of the 493 site community for $44 million ($89,249/site) on behalf of the seller, Country Club MHP, LLC from Anaheim, California. The property sold at a sub three capitalization rate.
Country Club Village offered a unique opportunity in the Phoenix metro market to acquire a value-add property at scale. The location in northwest Mesa will allow the buyer to capitalize on the current vacancy by immediately bringing in new home inventory. The community is also on a land lease, which brough another layer of complexity that our team worked with both the buyer and seller on to find a solution,” said Bosch.
Country Club Village was built in 1980 and is situated on 67.28-acres that are located south of Loop 202/Red Mountain Freeway and east of State Route 87/Country Club Drive, with easy access to downtown Mesa. The community includes two resort-style pools, recreation center, basketball court and picnic areas. Country Club Village was 73 percent occupied at the time of sale.
The city of Mesa is the third largest city in Arizona with a population of 520,000 residents. During the past 10 years, the Mesa population has expanded by nearly 80,000 residents, an annual growth rate of more than 1.5%.