Northmarq Manufactured Homes Group announced the sale of Country Club Village, a 493-site mobile home community located at 2060 N. Center Street in Mesa, Arizona. The buyer was Havenpark Communities, LLC of Orem, Utah.
Northmarq’s Phoenix team of Jared Bosch, Don Vedeen and Chris Michl and the Los Angeles team of Jeff Bensen and Samuel Neumark negotiated the sale of the 493-site community for $44 million ($89,249/site) on behalf of the vendor, Country Club MHP, LLC of Anaheim, CA. The property was sold at a cap rate of less than three.
“Country Club Village offered a unique opportunity in the Phoenix metro market to acquire a large-scale, value-added property. The location in Northwest Mesa will allow the buyer to capitalize on current vacancy by bringing in new home inventory immediately. The community is also on a ground lease, which brought another layer of complexity which our team worked with the buyer and seller to find a solution.“, Bosch said.
Country Club Village was built in 1980 and is located on 67.28 acres located south of Loop 202/Red Mountain Freeway and east of State Route 87/Country Club Drive, with easy access to downtown of Mesa. The community includes two resort-style pools, a recreation center, basketball court, and picnic areas. The Country Club Village was 73% occupied at the time of the sale.
The city of Mesa is the third largest city in Arizona with a population of 520,000. Over the past 10 years, Mesa’s population has grown by almost 80,000, an annual growth rate of more than 1.5%.