Park Name: Mesa Ridge
Address: 1 4 0 2 W . A j o W a y
City: Tucson
State: AZ
Zip: 85713
County: Pima
Number of Acres: 40
Year Built: 1964
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Total # Spaces: 309
Occupied Spaces: 83%
Monthly Lot Rent: $359
Price: $13,732,224
Cap Rate: 7.7%
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| Property Description: Attractive assumable property debt at 5.29% with additional seller
financing available to take LTV up to 75%.
Sale includes community, plus home notes and vacant park owned
homes. Notes and homes offered at a 10% discount and seller
financing is available. Seller willing to service notes post closing.
All age community with improving operating performance and
vacancy upside.
Submetered utilities and city provides water and sewer.
Low density, in-fill location with most sites able to accommodate
multi-section homes.
No rent control in Arizona.
Amenities include 11k sf clubhouse with billiards and laundry
room, children’s playscape, picnic area, shuffleboard courts, and
swimming pool.
Seller Financing AvailableSee attached file below for Proforma and additional investment details
Location Description:
Located approximately 108 miles southeast of Phoenix, the site
is conveniently situated just 8 miles north of Tucson International
Airport and provides easy access to Interstate 10 and 19.
Tucson is the 32nd largest city in America and is home to two
major universities, the Davis Monthan Air Force Base, and a
U.S. Army Intelligence Center. These organizations provide an
impressive employment base and fuel the area’s growing hightech
industry. The city is also surrounded by numerous state and
national parks that draw thousands of tourists to the area each year.
The property’s proximity to Pima County Community College and
the University of Arizona campus alone make the area a thriving
location. The University of Arizona has more than 37,000 students,
and is the leading public research university in the American
Southwest, with more than $530 million in annual research.
Tucson is home to major employers such as Raytheon Missile Systems,
TMC Healthcare, American Airlines, IBM, Pepsi-Cola Bottling Co., and
Coca-Cola Bottling Co. In addition, its proximity to Mexico and convenient
access to I-19 make Tucson an ideal location for International trade.
According to the JLT & Associates National Manufactured
Housing Survey, in 2008, average rents in Tucson increased 3.3%.
Within a 5-mile radius, the 2009 estimated family household income is $48,787 and median housing cost is $127,576.
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Agent Info
Listed by: Todd Fletcher | Contact Seller
Phone: 512 637-1236 | Mobile: 303 589-5217 | Fax: 512 637-1740
Homepage: http://www.arausa.com/manufacturedhousing
Seller Profile: ARA’s National Manufactured Housing Group specializes in the disposition of family and age-restricted manufactured housing and recreational vehicle investment properties across the country. Misunderstood and overlooked just a few years ago, this asset class has grown into a mainstream investment product for ARA’s private and institutional clients. Since this form of housing is typically the most reasonably priced for residents, with very low turnover and expense ratios, the sector arguably provides the most stable cash fl ow of any multihousing investment product. Also, these assets tend to provide a yield that is favorable when compared to conventional multifamily product in any given market. Todd offers significant expertise in the manufactured housing market. He provided sourcing of investment opportunities and due diligence services for a Chicago-based private equity fi rm focused on the acquisition of manufactured housing communities. Todd is a member of the Manufactured Housing Institute (MHI). Prior to his affiliation with ARA, Todd was with Hometown America, one of the largest privately held owners and operators of manufactured housing communities in the nation (127 communities with over 48,000 home sites). He spent almost four years with Hometown, where he was directly responsible for 12 acquisitions totaling $350M, the refi -nancing of almost $550M of assets, and the disposition of 30 non-core assets totaling $150M. Todd was also a key member in Hometown’s take-private $2.3B merger with Chateau Communities and served as Asset Manager for all properties acquired. While at Stockbridge Real Estate Funds, Todd was involved with the “Yes! Communities” joint venture with BaseCamp Capital, created to acquire Clayton Homes’ 67-property, 18,500-site manufactured housing portfolio located in 19 states. His prior experience also included an asset management role with RREEF. Todd holds a BBA in Finance from the University of Colorado, where he was the captain and coach of the Freestyle Ski Team. Todd Fletcher
512.637.1236
Chicago, IL
In order to adjust to the changing needs of our clients, ARA responded by creating a focused, experienced platform to provide representation in this market.
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