PHOENIX—Marcus & Millichap has completed the sale of Chaparral Mobile Village, a fully improved, 359-site, all-age manufactured home community in Tempe at Kyrene and Baseline. The investment real estate asset sold for $23.85 million which equates to $66,435 per space at a 6.25 percent cap with a 43.75 percent expense load or $3,232 in expenses per site.

Douglas Danny, first vice president investments in Marcus & Millichap's San Diego office, along with Octavian Paul, associate in the firm's Phoenix office, represented the seller, Kort & Scott Financial Group. The buyer is a family trust.

Danny tells GlobeSt.com, “We had a lot of activity from developers; there is underlying land value here. The compelling factor in the sale was the scarcity of product. People are paying whatever they have to pay to get this type of asset. There is a huge amount of money chasing a limited amount of product.

“The property provides the new owner with location, demand, incubation upside and immediate cash flow in a scarce marketplace,” continues Danny. “The offering generated multiple offers and was sold to one of the premier manufactured home community buyers in the marketplace.”

Chaparral Mobile Village features a clubhouse, a children's game room, a laundry, two swimming pools, a spa, a children's playground and sports facilities. Built as 360 sites, one of the spaces is dedicated to open space. All of the spaces are accessed via an interior asphalt paved roadway that has rolled cement and some cement sidewalks around the common area amenities. Electric service is provided to each individual space by individual meters that are master-metered by the utility companies and charged to the park. The park has all city services.

Chaparral Mobile Village was built in 1971 on 45.1 acres and has a density of 7.69 sites per acre. The current site breakdown is 211 single-wide spaces and 148 double-wide spaces, of which 54 are small and 95 are large. There are four one-story buildings and the building area contains 5,316 square feet of clubhouse/office space, a 1,227-square-foot children's playroom, a 1,042-square-foot laundry facility and a 1,042-square-foot maintenance shop. The total square footage for these buildings is 8,627 square feet.

Instant Insights /

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