NAI Horizon negotiates $5.4M sale of Palms Mobile Home Park
PHOENIX, ARIZONA (July 8, 2019) – The NAI Horizon Manufactured Housing Investments team of Russ Warner, Andrew Warner and Victoria Filice negotiated the $5.4 million sale of Palms Mobile Home Park, 1050 E. Broadway Ave., in Apache Junction, Arizona.
NAI Horizon represented the seller, Christine G. Weech Testamentary Trust & Hyrum Newell Weech Testamentary Trust of Safford, Arizona.
Built in 1970, Palms Mobile Home Park is a senior living community with 89 spaces. Amenities include a clubhouse with meeting space and a kitchen; shuffleboard courts; and lighted streets.
The price equates to a 2.6 percent cap rate using 2018 actual income and expenses.
“This was an older but extremely well-maintained senior park with upgraded infrastructure and extremely low rents,” said Russ Warner, a Senior Vice President in Manufactured Housing Investments. “The buyer was in a position to integrate the park with his adjacent property, White Sands Mobile Estates.”
Andrew Warner is an Associate at NAI Horizon. Victoria Filice is an intern in the Investment Sales Division.
The buyer was First Exchange Company as Qualified Intermediary for White Sands MHC LLC c/o MHC Management Services LLC of Tampa, Florida.
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices located in Phoenix and Tucson. NAI Horizon is passionate about the commercial real estate business, providing Brokerage and Property Management Services for local, national and international clients. NAI Horizon is a member of the NAI Global commercial real estate network providing real estate solutions to 400 offices worldwide. For more information visit www.naihorizon.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global professionals achieve extraordinary results for clients locally and globally through creativity, collaboration and the consistent delivery of exceptional knowledge and service that only market-leading firms can provide.
NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more visit: www.naiglobal.com.