PAYSON, 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 Ponderosa Glen Mobile Home Park in Payson, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2,000,000 ($37,000 per space).
Michael Escobedo, investment specialist in Marcus & Millichap’s Phoenix office alongside Dustin Wilmer, investment specialist in the firm’s San Diego office had the exclusive listing to market the property on behalf of the seller, a private investor. “This park was on the market for less than 24 hours and generated four full-price offers with competitive terms,” Wilmer explained.
The buyer, a private investor, was also procured by Escobedo and Wilmer. “The incoming buyer is an experienced park owner/operator and plans to immediately upgrade the roads and fill the vacant sites with new homes,” Wilmer added.
Ponderosa Glen Mobile Home Park, built in 1991, is located at 190 Cornerstone Way in Payson, Arizona surrounded by the Tonto National Forest at an elevation of 5,003 feet. At the time of sale, the park consisted of 54 mobile home sites (11 vacant, 43 occupied) and one apartment. Of the 43 occupied sites, there were 30 tenant-owned homes and 13 park-owned homes. These homes were included in the purchase price.