PHOENIX, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Greenbriar Mobile Home Park, a 20-space mobile home park located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset commanded a sales price of $1,200,000 or $60,000 per space.
Rich Butler, a Senior Vice President Investments and apartment specialist in Marcus & Millichap’s Phoenix office, as well as Michael Escobedo, a mobile home specialist, collaborated and negotiated the sale on behalf of both the buyer and seller.
“The seller hoped to reposition their equity into a more passive investment, most likely net-lease retail. We were able to develop a relationship with the client who identified Marcus & Millichap as the best firm to both sell their property and help with a 1031 tax-deferred exchange into a similar asset,” Escobedo explained. “Our comprehensive marketing campaign resulted in a tremendous amount of activity in a short period of time. This listing was active for only two weeks before a qualified investor made a full price offer to acquire.”
“The acquisition features a fantastic location in a federal opportunity zone which makes this an ideal future redevelopment,” Butler stated. “The buyer plans to upgrade the property with general improvements to the mobile home sites, working with the city to determine what allowances are in place to improve the overall quality of life for the tenants.”
Built in 1983, Greenbriar Mobile Home Park is comprised of 20 mobile home spaces, all of which are currently occupied with tenant-owned mobile homes. The park occupies 1.52 acres at 1621 West Colter Street in the Phoenix/Christown neighborhood. Greenbriar Mobile Home Park is close to Interstate-17, which connects residents to all parts of the Valley including Downtown Phoenix and the surrounding metro areas. Residents also enjoy easy, walking-distance access to the Phoenix Metro Light Rail Station which offers alternative transportation options to connect with popular employment corridors such as the Camelback Corridor, Sky Harbor Airport and the southeast Valley.