Glendale, Arizona -- Park Brokerage Inc. and John Sheedy are happy to announce the sale of the Rambling Rows Mobile Home Park located at 4902 West Bethany Home Road in Glendale, Arizona completed on August 20, 2019 for the price of $2.4 million ($41,400 per space). John Sheedy exclusively listed the property on behalf of the California-based seller and procured the buyer who is a local experienced manufactured housing operator.
Rambling Rows is a 55+ designated community with 58 overall sites. Fifty sites are traditional mobile home sites and there are five RV sites and three apartment units. The park is on an approximately five-acre parcel, has city-provided utility services and had under market vacancy and rents at the time of sale. Common area amenities include a pool, a small clubhouse area, and additional parking. The buyer is an experienced operator with other mobile home communities in the area and is planning to remodel units included in the sale and get the park up to market metrics.
John Sheedy commented that "this park has had some operational difficulties as a senior park in this specific submarket however I strongly believe this buyer will turn this park around quickly due to being locally based and having decades of experience. Comparable stabilized properties are selling for greater than $70,000 per site so there is a huge upside on this deal."
For additional information, contact Sheedy for more information about this sale at 602.821.4666.