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6/27/14
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Patio Garden Mobile Home Community, a 90-site, senior manufactured home community in Mesa, AZ, sold for $4.5 mil. The complex was purchased by an AZ-based seniors manufactured home community owner who exchanged out of a San Diego apartment portfolio. The deal closed with 30% down and new FNMA financing.
Patio Garden Mobile Home Community, located at 318 S. Crismon Rd, is a 55+, Senior, 4-Star Manufactured Home Community. The property contains 90 sites with 73 mobile home sites and 17 annual RV sites. The current site rents are $50 to $100 lower than parks in the area and the community is 100% occupied.
The property consists of a clubhouse, laundry facilities, a car and RV wash and has direct gas & electric service, city water and a septic system. The community was built in 1977 on 9.52 acres and has 9.45 sites per acre density. It was on the market for a short period of time and generated multiple offers.
The transaction was consummated in sixty days from the offer acceptance to closing. The $3.06 mil FNMA loan, which was completed in 45 days, was priced at 4.75% with a 30-year amortization.
Aaron Bove and Brian Barnard of Marcus & Millichap’s San Diego office represented the seller. The MHC upleg transaction was facilitated by Douglas Danny who specializes in MHC/RV Resorts and is a First Vice President and Senior Director of the Marcus & Millichap National Manufactured Home Community Group in the Marcus & Millichap San Diego Office.
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