Marcus & Millichap Lists $21M Distressed Mobile Home Park for Short Sale
- Jul 20, 2010
Westland, Mich.–Marcus & Millichap Real Estate Investment Services retained the exclusive listing for Westland Meadows, a 772-space mobile home park in Westland. The sales price of $21 million represents $27,202 per space.
Patrick Hoffman, a senior associate in Detroit and member of the firm’s National Manufactured Home Communities Group, and Jonathan Harrison, a vice president investments in San Diego and a senior director of the firm’s National Manufactured Home Communities Group, are representing the seller, a local property owner.
“Westland Meadows is currently in default and the lender’s approval is necessary for the sale,” says Hoffman. “The property is 73 percent occupied, and there is significant upside in filling the vacancies as the local and national economy improve.”
“This asset is overleveraged in today’s market, which represents a unique opportunity for an investor to acquire a large, quality manufactured housing community in a potential short sale scenario,” adds Harrison. “We anticipate a high interest level and a call for offers towards the end of this month.”
The park is located at 30600 Van Born Road near schools, hospitals, shopping and major thoroughfares. Approximately 60 percent of the homes are singlewides and 40 percent are doublewides, although all sites can accommodate a doublewide home. There are 59 vacant homes owned by a third-party affiliate, which are offered for sale separately.
Westland Meadows is served by municipal utilities and the residents are direct-metered and direct-billed for their usage. Construction began on the property in 1985 and the third phase was completed in 1990. The community features many amenities, including a clubhouse, swimming pool, gated security/entrance, a pond with fountain, paved asphalt roads, off-street parking, basketball and volleyball courts and spacious lots.
Westland is located approximately 16 miles west of downtown Detroit.