FLAGSTAFF, AZ-Westglen Mobile Home Park has ended up in the hands of a Newport Beach, CA-based buyer, allowing Scottsdale developer Russcor Financial Inc. to collect $10.5 million from the transaction. The buyer, which already owns the nearby Kit Carson RV Park, isn't planning any changes for its newest 18-acre acquisition.
"The buyer's trying to concentrate on management and take advantage of economies of scale," explains Russ Warner, first vice president for Phoenix-based Grubb & Ellis/BRE Commercial LLC. Warner, who represented the seller, says that the self-represented buyer, Westglen Mobile Home Community LLC, beat a few other offers with its purchase of the property at 1450 W. Kaibab Lane, situated just off US Route 66. The buyer's newest real estate is six-tenths of a mile from its Kit Carson RV Park at 2101 W. Route 66.
"Flagstaff has an expensive housing market so any kind of rental product or mobile home product will do well," Warner tells GlobeSt.com. "Mobile home parks that stay there end up pretty full."
Warner says Westglen Mobile Home Park, as well as similar properties in the area, benefit from demand by Phoenix residents for second homes. "If you're a working person, it's difficult to find affordable housing," he says. "It's why places like Westglen do well. They offer less expensive housing." The 196-space Westglen Mobile Home Park's occupancy is 99%.
Warner says the seller is very active in the Flagstaff market, having helped to develop the nearby Railroad Springs residential subdivision off Route 66 and an under-construction condo project, which is one reason that the mobile home park went on the market. "I think he wanted to take advantage of a bit of equity tied up with it," Warner adds.
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