NAI Horizon Negotiates $5.4M Sale of Mobile Home Park in Metro Phoenix
APACHE JUNCTION, ARIZ. — The NAI Horizon Manufactured Housing Investments team of Russ Warner, Andrew Warner and Victoria Filice has negotiated the $5.4 million sale of Palms Mobile Home Park, located at 1050 E. Broadway Ave. in Apache Junction.
NAI Horizon represented the seller, Christine G. Weech Testamentary Trust & Hyrum Newell Weech Testamentary Trust of Safford, Ariz.
Built in 1970, Palms Mobile Home Park is an age-restricted 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 capitalization rate using 2018 actual income and expenses.
The buyer was First Exchange Co., operating as a qualified intermediary for White Sands MHC LLC c/o MHC Management Services LLC of Tampa, Fla.