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2/25/15
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Chaparral Mobile Village, a fully improved, 359-site, all-age manufactured home community in Tempe, AZ, recently sold for $23.85 mil. The deal works out to $66.4k per space at a 6.25 percent cap with a 43.75 percent expense load, or $3,232 in expenses per site.
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 5.3k sf of clubhouse/office space, a 1.2k sf children’s playroom, a 1k sf laundry facility and a 1k sf maintenance shop. The total square footage for these buildings is 8.6k sf.
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.
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.
“The property provides the new owner with location, demand, incubation upside and immediate cash flow in a scarce marketplace,” says Danny. “The offering generated multiple offers and was sold to one of the premier manufactured home community buyers in the marketplace.”
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