Bridge Investment Pays $16M for Phoenix-Area MHC
Freddie Mac provided part of the acquisition financing for the Mesa, Ariz., community.
Bridge Investment Group has purchased Deserama Mobile Ranch, a 123-homesite manufactured housing community in Mesa, Ariz., for $16.3 million, according to Maricopa County public records. The same source shows that the buyer secured $7.7 million in acquisition funds from Freddie Mac.
California-based Comfort Communities sold the property in a deal brokered by HARRI5. The asset last changed hands in 2018 for $7.9 million.
Deserama Mobile Ranch is a 55-plus, pet-friendly mobile home park at 2434 E. Main St., east of Phoenix. The property allows easy access to State Route 60 and Interstate 10, while being close to multiple shopping and dining options. Downtown Mesa is 3 miles away, with downtown Phoenix and Phoenix Sky Harbor International Airport both within 22 miles of the property.
READ ALSO: Manufactured Housing Trends
Built in 1957, Deserama Mobile Ranch spans across 10 acres. Amenities include a clubhouse, a fitness center, a swimming pool, onsite laundry facilities, RV and boat storage, and multiple outdoor activities. Additionally, residents can enjoy nearby hiking trails, a golf park and other attractions such as Superstition Mountains or The Mesa Contemporary Arts Museum.
More investors interested in the MHC sector
Over the past decades, the manufactured housing sector has consistently attracted new institutional investors and REITs due to its strong fundamentals, self-sustaining nature and affordability.
Today, some of the most coveted markets for manufactured housing investment are in the Sun Belt region, particularly in states like Florida, Texas, New Mexico and Arizona, since these are preferred retirement destinations.
