Marcus & Millichap Real Estate Investment Services has arranged the sale of Pine Lakes Mobile Estates, a 315-space, age-restricted manufactured home community in Prescott, Ariz. The sales price of $38 million equates to $120,635 per space, which is the highest price ever recorded in the state.
Evan C. Barry, an associate director of Marcus & Millichap’s National Manufactured Home Communities Group in Newport Beach, Calif., represented the seller, a private owner selling his third and final manufactured home property. Barry also represented the buyer, Hometown America, a private investment group. Sanford Burstyn, a vice president investments in the firm’s Phoenix office, is Marcus & Millichap’s broker of record in Arizona.
Marcus & Millichap Capital Corp. (MMCC) arranged the original assumable first trust deed on the property in July 2012 and Rick Judge, a vice president capital markets in MMCC’s Newport Beach office, assisted in arranging the second trust deed.
“Improving operations, steady cash flow potential, and generally higher yields than offered by other investment property types are attracting more and more investors to manufactured housing assets,” says Barry. “Our marketing efforts on behalf of Pine Lakes Mobile Estates attracted the attention of buyers from across the investment spectrum.”
The property is a particularly appealing community with just 4.7 homes per acre,” adds Barry. “Mountain lakes and forest views give the place a private, mountain retreat-like feel, yet it is close to town.”
The park is located 3707 West Pine Lakes Drive in Prescott, Ariz., with direct access to Prescott National Forest.
Amenities at Pine Lakes Mobile Estates include two fishing lakes, a large clubhouse, an outdoor heated swimming pool and Jacuzzi, weight-training facility, tennis court and RV storage. The community’s topography and landscaping promote and encourage walking, hiking, biking and fishing.
Local municipalities and service companies provide the property’s utilities.