TUCSON, Arizona — Park Brokerage is proud to announce the sale of Sentinel Peak RV Park located near downtown Tucson, Arizona was completed on March 13, 2019 for a price of $1.4 million ($56,000 per space).   John Sheedy with Park Brokerage completed the transaction the sale on behalf of the seller and procured the buyer which is an entity related to a Phoenix-based commercial real estate investment firm.

Sentinel Peak is a 25 space RV park with a full amenity package including pool, spa, clubhouse, laundry facility, and a small store.  The park was built only four years ago so all the infrastructure is new and the utilities are provided by the city.  The streets are paved and the sites can accommodate modern RV’s in both size and electrical service.

John Sheedy commented “this is an extremely high-demand RV park located less than one mile from the blossoming downtown Tucson submarket which has seen numerous multifamily and commercial developments pop up over last few years.  The popularity of the property due to it’s location, amenities, and management made this a high-cash flow play for the buyer who I am confident will be very successful due to their experience in similar asset classes.”

Please feel free to contact John for more information about this sale at 602-821-4666 or at jsheedy@parkbrokerage.com

To learn more, see RED Comp #6655.

TUCSON, Arizona — Park Brokerage Inc. has announced the sale of Adobe Manor Mobile Home Park located at 3339 E Grant Rd. in Tucson, Arizona was completed on March 24, 2017 for the price of $715,000 ($14,300 per unit).

John Sheedy with Park Brokerage Inc. arranged the distressed sale on behalf of the seller while procuring the buyer, 3339 East Grant, LLC.

Adobe Manor is an all-ages mobile home park with 52 MH/RV spaces and 5 apartments.  The park however has several smaller older RV sites so with modern mobiles the park has around 45 sites and 5 apartments.  The roads are paved, all utilities are metered and passed through, and there is a small laundry room for additional revenue.  The park was 50% occupied and in poor condition at the time of sale with collection issues .  The experienced buyer re-wrote the loan with the assistance of the current lender at a nearly 100% loan to value and the seller carried a second conditional loan based on a future eminent domain when Grant Road will be widened.

John Sheedy commented, “Adobe Manor has been very poorly managed yet is in a great location on Tucson’s most traveled road near countless commercial developments.  The vacancy rate in the sub-market is around 10% so the experienced buyer should be able to fill spaces quickly.”

For more information, Sheedy can be reached at 602.821.4666.

To learn more, see RED Comp #4660.

TUCSON, Arizona – Cal Am Properties, Inc of Encino, California (Steve Hester, CEO) purchased the Far Horizon East Mobile Home Park at 7570 E Speedway Blvd. with 415-space for $33 million ($79,518 per space) and the adjoining Far Horizons RV Resort at 555 N Pantano Road with 514-spaces for $21 million ($40,856 per space).

Cal-Am owns RV Resorts and manufactured home communities throughout Arizona, California, Florida, Minnesota, Nevada, Ohio, Oregon and Washington. This is Cal-Am’s first venture in Tucson.

Both communities are award winning 55+ communities in Tucson. Far Horizons RV Resort was award winner in the Mega Park category in 2015 by the Arizona Association of RV Parks and Campgrounds.

Thousands of snowbirds flock each year to Tucson for activities such as the Tucson Senior Olympic Festival offering events in 31 sports, including racquetball, tennis, bowling, basketball shoot, archery, golf, track and field, horseshoes, badminton, powerlifting, shooting, shuffleboard, volleyball, and pickleball. This year’s 33^rd Annual Senor Olympics Festival was held January 7 – February 4, 2017 in multiple locations.

“There are approximately 1,300 to 1,400 participants in the Tucson Senior Olympic Festival, and at least 50 to 60 percent of them are snowbirds,” said Mike Davis, program coordinator for the Tucson Senior Festival.

Events like these, the climate and beautiful desert and mountain scenery make Tucson a popular senior destination which also feeds attractive investments.

John Sheedy, Mobile Home Park and RV Park sales specialist with Park Brokerage had this to say, “As the cap rates for both family and especially 55+ mobile home parks with permanent residents have compressed pretty significantly over the last 2-3 years, more buyers are becoming attracted to the high yields and returns associated with RV parks especially those with a high ratio of park model occupancy.  There is a common misconception that the RV park business is significantly more management-intensive than a mobile home park which isn’t really true especially when you consider the Snowbird (deserts) or Sunbird (mountains) RV parks that are prevalent here in Arizona.  The overwhelming majority of the tenancy is older, more financially secure, and a good chunk of the rental income is generally received in one lump sum at the beginning of each season.   These types of RV parks definitely do not operate like the KOA’s and other freeway RV parks which have a high volume of nightly visitors.  And what used to be a primarily cash business has now become more online reservation and credit card based.  And like a mobile home park, RV park owners also have the low overhead of only maintaining common areas and these parks are generally only open part of the year which means you’re getting traditional MHP cap rates of 9-12% which are very difficult to find in today’s mobile home park market with just as little repairs and operational headaches.”

For more information, Sheedy can be contacted at 602.821.4666.

To learn more see RED Comp #4470 and #4598.

[mepr-show rules=”58038″] Far Horizons East at 7570 E Speedway Blvd. with 415-spaces closed March 8, 2017. Sale price $33 million. Building included a 7,378-square-foot clubhouse on 55 acres. Recorded document #2017-0670312.  APN: 133-40-001C. Seller: Far Horizon Trailer Village, LLC Charles H. Hays, Jr.

Far Horizons RV Resort sold 1/11/2017 at 555 N Pantano Road with 514-spaces for $21 million ($40,856 per space). Building included a 13,566-square-foot clubhouse on 25 acres. Recorded document #2017-70110508. APN: 133-40-003 & 002. Seller: Far Horizons East, LLC, Charles H. Hays Jr.[/mepr-show]